Business
Final Results for the year ended 31 December 2024
Final Results for the year ended 31 December 2024.
About this update from Concurrent Technologies Plc
[{"type":"text","content":"\n \n 14 April 2025 \n \n \n Concurrent Technologies Plc \n (the \"Company\" or the \"Group\") \n \n Final results for the year ended 31 December 2024 \n \n Record financial performance, underpinning confidence in long-term growth \n \n Concurrent Technologies Plc (AIM: CNC), a designer and manufacturer of leading-edge computer products, systems, and mission-critical solutions used in high-performance markets by some of the world's major OEMs, announces its audited final results for the year ended 31 December 2024. \n \n Financial Highlights \n \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 Restated \n \n \n % change \n \n \n \n \n Revenue \n \n \n £40.3m \n \n \n £31.7m \n \n \n 27% \n \n \n \n \n Gross Profit \n \n \n £20m \n \n \n £15.6m \n \n \n 28% \n \n \n \n \n Profit before tax & exceptionals \n \n \n £5.2m \n \n \n £3.7m \n \n \n 40% \n \n \n \n \n Earnings per share \n \n \n 5.49p \n \n \n 4.06p \n \n \n 26% \n \n \n \n \n Dividend per share \n \n \n 1.1p \n \n \n 1.0p \n \n \n 10% \n \n \n \n \n EBITDA \n \n \n £7.8m \n \n \n £6.0m \n \n \n 30% \n \n \n \n \n Order intake \n \n \n £41m \n \n \n £28.2m \n \n \n 45% \n \n \n \n \n Closing cash \n \n \n £13.7m \n \n \n £11.1m \n \n \n 23% \n \n \n \n \n \n \n \n \n \n · \n \n \n Record financial performance in FY24, delivering revenue of £40.3m, up 27% on the prior year. \n \n \n \n \n · \n \n \n Profit before tax increased by c.40% to £5.2m, including a significant investment of £1.1m in the Systems business, as planned. \n \n \n \n \n · \n \n \n Gross profit increased by 28% to £20m (FY23 £15.6m) reflecting the significant increase in revenue with the gross profit margin remaining strong at 49.5% (FY23 48.4%) \n \n \n \n \n · \n \n \n EBITDA increased by 30% to £7.8m (FY23 £6.0m). \n \n \n \n \n · \n \n \n Cash generative with closing net cash balance of £13.7m (FY23 £11.1m), despite a one-off exceptional last-time investment in inventory in H1 of $4.6m / £3.5m. \n \n \n \n \n · \n \n \n The Board will propose, at the Company's Annual General Meeting to be held on 12 June 2025, a final dividend of 1.1 pence per Ordinary Share in the Company (FY23 1.0p). Subject to the approval of shareholders, the final dividend will be paid on 4 July 2025 to shareholders on the register on 20 June 2025. \n \n \n \n \n \n Operational Highlights \n \n \n \n \n · \n \n \n Continued investment in R&D to improve the cadence and time to market of the Group's products as demonstrated by several new product launches including Rhea, to support existing and new VME customers and Hermod II, highlighting the Group's ambitious product roadmap within the Systems business. \n \n \n \n \n · \n \n \n New partnerships secured, including with Parry Labs, Eizo Rugged and a fast-growing defence prime contractor in the US, which are critical for the Group to strengthen its position in the defence sector. \n \n \n \n \n · \n \n \n Launch of new website and update to branding to better reflect the Company's vision and ambitions. \n \n \n \n \n · \n \n \n The Group now structured and operating across two business units - Products and Systems - to align with growth strategy. \n \n \n \n \n \n Products business unit \n \n \n \n \n · \n \n \n Secured 22 design wins across key geographies, including 10 'major wins' underpinning the Group's long-term growth trajectory. \n \n \n \n \n · \n \n \n The design wins include the largest-ever contract to date, with a major US Defence & Aerospace contractor, valued at $6 million, set to contribute materially from 2027. \n \n \n \n \n · \n \n \n Invested in machinery, test equipment and power infrastructure to enhance manufacturing efficiency. \n \n \n \n \n \n Systems business unit \n \n \n \n \n · \n \n \n Significant investment in FY24 with performance in line with the Board's expectations and Phillips Aerospace now fully integrated into the non-US Systems business. \n \n \n \n \n · \n \n \n Early signs of success, driven by a significant $3.7m design win contract with a leading defence platform provider in Asia, a new market for the Systems business unit. \n \n \n \n \n · \n \n \n Strategic investments in key hires to accelerate growth, including a new Vice President of Systems in LA, and doubling the size of the team in the region. \n \n \n \n \n \n Post-Period End \n \n \n \n \n · \n \n \n Received a significant £3.4m order for the Company's VME-based 6U computer boards from a long-standing European customer, underscoring the Group's support for the VME standard. \n \n \n \n \n · \n \n \n Launched Kratos, one of the first and most powerful rugged plug-in card's available today, built on Intel's latest 6516P-B processor which the Company had access to six months early. \n \n \n \n \n · \n \n \n Commenced trading on the OTCQX® Best Market in the US, in addition to AIM, to better engage with US investors, data distributors and media partners. \n \n \n \n \n · \n \n \n 20-year lease for a new property for Concurrent's Colchester based headquarters and manufacturing capability agree, with planned capacity expansion in US in FY25 to meet the growing demand for the Group's products. \n \n \n \n \n \n Outlook \n \n \n \n \n · \n \n \n There is growing momentum across the Products and Systems business units, and the Company expects this trend to continue in the coming years. \n \n \n \n \n · \n \n \n The Group aims to navigate the rapidly evolving tariff arrangements being implemented by the US administration with efficiency and pricing measures, as well as monitoring any impact of longer-term tariffs on the Company's programmes and markets. \n \n \n \n \n · \n \n \n Board expects trading for the full year to be in line with market expectations. \n \n \n \n \n Miles Adcock, CEO of Concurrent Technologies, commented: \" FY24 has been another transformative year for Concurrent in which we delivered a robust financial performance, demonstrating the success of our refreshed strategy. Our focus on delivering industry-leading solutions at pace and investing in both our Products and Systems business units, position us well for long-term growth. \n \"2025 has started strongly in terms of both output and winning. Notwithstanding the significant uncertainty created by new tariffs, we currently expect to deliver results for FY25 in line with market expectations.\" \n \n Enquiries: \n \n \n \n \n \n Concurrent Technologies Plc \nMiles Adcock - CEO \n Kim Garrod - CFO \n \n \n \n \n +44 (0)1206 752626 \n \n \n \n \n Alma Strategic Communications \nHannah Campbell \n Josh Royston \n Will Merison \n \n \n \n \n+44 (0)20 3405 0205 \n \n \n \n \n Cavendish Capital Markets Limited (NOMAD) \nNeil McDonald \n Peter Lynch \n \n \n \n+44 (0)131 220 9771 \n +44 (0)131 220 9772 \n \n \n \n \n \n About Concurrent Technologies Plc \n \n Concurrent Technologies Plc develops and manufactures high-end embedded plug-in cards and systems for use in a wide range of high-performance, long-life cycle applications within the telecommunications, defence, security, telemetry, scientific and aerospace markets, including applications within extremely harsh environments. The processor products feature Intel ® processors, including the latest generation embedded Intel ® Core™ processors, Intel ® Xeon ® and Intel Atom™ processors. The products are designed to be compliant with industry specifications and support many of today's leading embedded operating systems. The products are sold world-wide. \n \n Chair statement \n \n FY24 marked another record year for Concurrent, with exceptional revenue and profit performance, and a strong order book and cash position. This success is driven by our refreshed strategy which focuses on accelerating the time to market of our products. Significant efforts have been made across the Group, including investments in R&D, strengthening Company culture, and optimising the team structures to support our strategy and to position the Company to capitalise on the exciting prospects in FY25 and beyond. \n \n The year in review \n \n The Group reported record revenue and profitability for the year of £40.3m and £5.2m respectively, evidencing the transformation of the business and successful growth strategy implementation. The increase in profit reflects the initial delivery of operational gearing as the business scales. This performance is achieved despite considerable investment in the Systems business in LA which was acquired in FY23 and was loss making in FY24, in line with expectations. \n \n The Group secured 10 major design wins in FY24, including our largest contract to date. Alongside this, Concurrent launched several new products demonstrating the increasing appetite for our solutions against the larger players in the industry. We also secured our first major Systems design win in the year, highlighting that the investment being made into the Systems business - including the integration of Phillips Aerospace - is proving successful. \n \n This progress, alongside the strength of our statement of financial position, puts us in an opportune position for continued growth. \n \n Execution against strategy \n \n We are committed to providing cutting-edge, reliable technology to our customers at an unparalleled pace and, through our Systems and Products units, we have continued to deliver in FY24. \n \n The 10 major design wins secured through the Products unit will ramp up in the coming years in line with our customers' programmes, but they provide long-term, multi-year revenue visibility, which supports the investment plans in our R&D roadmap. \n \n The Systems unit, which is still in its early stages, is making solid progress and we are confident this unit will grow going forward. With the integration of Phillips Aerospace, we secured several key contracts and are seeing positive momentum in both the US and international markets. \n \n While organic growth remains a priority, as we look to significantly expand Concurrent's UK product manufacturing capacity with a new facility to accommodate growth opportunities, we also see opportunities for bolt-on acquisitions to enhance our Systems capability, as demonstrated so far by the successful acquisition of Phillips Aerospace. \n \n Board and people \n \n We were delighted to welcome Issy Urquhart to the Board as an Independent Non-Executive Director in February 2024. Issy brings over 30 years' experience working with global technology and financial services businesses, where she's been responsible for implementing successful people programmes. She is already proving to be an invaluable guide to Concurrent as we deliver on our growth strategy and create the right environment for our people to succeed. \n \n In FY24, our CEO, Miles Adcock, played a pivotal role in defining and embedding a new target culture across the organisation, centred on four key pillars: get things done, no spectators, ambition, and buzzing. \n \n This culture emphasises a proactive and results-oriented approach, encouraging all employees to actively contribute to the Company's success by sharing ideas, adding value, and embracing ambition. It underscores a commitment to achieving excellence while fostering a positive, inclusive, and dynamic workplace environment. As the organisation continues to expand, this cultural transformation will ensure alignment and cohesion among both new hires and long-standing team members. \n \n I would also like to take this opportunity to thank the whole team for their hard work and commitment in what has been another notable year for the Company. \n \n Dividend \n \n A 1.1p dividend has been proposed for shareholder approval at the annual general meeting (AGM) which, if passed, will amount to c. £942,000 paid in early July 2025. This reflects a 10% increase on last year and recognises the improved performance, whilst retaining funds for future growth. The Board anticipates this balance will continue, with an appropriate level of cover maintained to enable investment for future growth. \n \n Outlook \n \n We remain focused on launching leading-edge products and accelerating the ramping up of design wins across both the Boards and Systems units for new and existing customers, converting into significant long-term revenue streams for Concurrent. The performance in FY24 supports this strategy and we are already seeing positive momentum in the new financial year, providing confidence in the positive performance in FY25 and beyond. \n \n Mark Cubitt \n Chairman \n \n \n CEO statement \n \n Overview \n \n I am very pleased to be reporting on another year of strong growth for Concurrent, in which we delivered on our commitments - executed as planned - and we continue to position the Group to become a much larger business over time. \n \n Financial performance \n \n We delivered a record financial performance across all key metrics in FY24, with revenue of £40.3m, up 27% (FY23: £31.7m), largely driven by our renewed focus on developing sector-leading products, combined with an energised sales team across our home markets that have been instrumental in driving new customers as well as winning new programmes with existing customers. I'm proud that we have delivered record results across the board whilst maintaining strong investments in the areas that we have declared will drive ongoing growth. \n \n Strategy \n \n The Group now operates across two units - Products and Systems - to align with our growth strategy and ambition of being the first to market with the latest technology. We have made good progress throughout the year in ensuring these divisions are set up for growth, incorporating the acquired Phillips Aerospace into Systems and adjusting our leadership teams to reflect this progress and focus. Whilst we are excited by the opportunity to significantly scale Concurrent organically over the next few years, we believe there is also a range of opportunities to expand our capability, customer list and market penetration through acquisition. The acquisition of Phillips Aerospace has been successful and is a good example of how we have delivered on our acquisition strategy to expand the Systems division. Alongside this, the company is now also exploring adjacent and complementary businesses that have the potential to open new opportunities in new markets. \n \n Products \n \n Our long-standing Products business designs and manufactures computer boards, and this is where we have substantial expertise and a reputation for quality and collaboration. Much of our business in boards is secured via 'design wins' where customers integrate our products into their programmes, leading to purchase orders in future years as production volumes ramp up, usually two to three years later. This is the most important leading indicator of future growth as a 'major design win' and is one with the potential to achieve peak volumes of >£1m per annum for several consecutive years. Out of 22 design wins, we secured 10 major design wins in FY24, representing a lifetime value to the business of at least £100m. Notably, we secured our largest-ever contract of $6m with a major US defence and aerospace prime contractor, highlighting the potential for future upscaling. This contract was for an initial $4.46m in H1 FY24, with an additional uplift of $1.52m in August, reflecting the customer's trust in the reliability of our products and the strength of the relationship. \n \n Doubling the capacity of our facility in Colchester in FY24 has been crucial to supporting the increasing number of design wins and post year end, we signed a 20-year lease for a new property for our Colchester headquarters and manufacturing capability. This new facility will further the Company's ability to service the ongoing growth of the business. We have also invested in our machinery, test equipment and power infrastructure which will further enhance our manufacturing efficiency. \n \n Systems \n \n Our Systems business unit, which is still in its early stages of development, performed as we expected, in line with our strategic plan, and we remain confident that this unit will grow in 2025. Phillips Aerospace is now successfully integrated with our non-US Systems business and we are already seeing excellent progress, driven by a significant $3.7 million order win for Systems in Asia and three new contracts in the US. The successful expansion into this new market is a clear indicator of the growing momentum in our Systems business unit, and we expect this trend to continue in the coming years. \n \n The Systems business is strategically benefitting from careful investment in key hires. We welcomed Michael Harden to the Group, who joined our Executive Committee in FY24 as Vice President of the Systems business in LA, and we have now doubled the number of colleagues operating from LA. \n \n With an FY24 closing backlog of c. $5m, the Systems business is well positioned for growth in FY25, and we are mobilising a strong team accordingly, with a pending move into a new state-of-the-art facility. \n \n Markets \n \n The defence sector remains a key driver of our overall growth, now accounting for 87% of our board revenue. As global military services work to improve their operational capabilities, the increased focus on defence electronics to upgrade existing platforms is fuelling demand for our products. As mentioned, we are also seeing growth in international geographies, particularly in the USA, where our systems solutions are gaining traction. The Sensor Open Standards Architecture (SOSA) initiative in the US is creating new opportunities for suppliers like us to displace established competitors and we are capitalising on this shift with our innovative products and services. Rising defence budgets worldwide are further driving growth, all of which will translate into longer-term in-field deployments, resulting in step-changes in revenue for Concurrent. Industrial and scientific (7%) and communications and other (6%) are our additional important domains. \n \n R&D \n \n Progressive R&D for new product development remains the priority for organic growth. With continued focus on innovation with launches including Rhea, Magni, TR MDx/6sd-RCR, and Hermod II in FY25, we are developing real momentum with customers - a trend set to continue during 2025. \n \n Rhea, part of our expanded VME range, taps into an estimated $300m market. A £3.4m order from a long-standing European customer reinforces our commitment to the VME standard and supporting customers with reliable, backward-compatible solutions. We also launched Magni, a high-performance SOSA-aligned PIC, and TR MDx/6sd-RCR to meet growing demand for compute-intensive solutions. \n \n Hermod II, a rugged 10 Gigabit Ethernet switch designed for harsh environments in defence and heavy industrial sectors, adds to our product offerings at the board level, enabling Concurrent to occupy more of a system with our own technology. It highlights the ambitious product roadmap within the Systems business, aiming to both upgrade existing systems and create solutions for next-generation deployments. \n \n Partnerships \n \n As part of our strategy to develop a broader range of products and services, securing and maintaining partnerships is critical for expanding the size and markets available to us. \n \n In FY24, we established several strategic partnerships to strengthen our position in the defence sector. A key collaboration with Parry Labs - a rapidly growing US defence contractor - enabled us to provide SOSA-aligned hardware, allowing Parry Labs to deliver integrated hardware and software solutions. Another partnership with a fast-growing US defence prime contractor secured them as a key customer for our boards and systems while also supplying a critical switch for our systems. Additionally, our partnership with Eizo Rugged incorporated their graphics card products into our comprehensive systems solutions for customers. \n \n People and ESG \n \n The progress we are making at Concurrent is only possible with a relentless focus on talent and culture. In recent years, we have assembled a Board and Executive Committee with experience in transforming businesses and growing sales globally, and our success in FY24 is due to the efforts of this team. This hard work led to the creation of a new brand launched in the year to better reflect the Group's vision and future ambitions. \n \n To continue with our significant transformation to deliver more products faster to market, we are focused on operational excellence and refined governance. With our people at the centre, we have invested our time and energy in making sure that we maintain an inclusive and engaged workforce providing an attractive reward and benefits offering and a developmental place to work. A continuing key focus area for the Group is delivering quality and safe products to our customers and ensuring this quality through the management of our supply chain. It is also critical that we maintain robust governance across the organisation, building resilience through our extensive control frameworks. As detailed in the ESG Report in our Annual Report, during FY24 we have continued to invest in all these priority areas, as well as continuing to take steps to minimise our operational impact on the environment and building stronger community ties through several charitable efforts across the business. We have also reported our UK operational carbon footprint for the first time this year, in line with the Streamlined Energy and Carbon Reporting regulations. \n \n Summary and outlook \n \n Concurrent is evolving in a way that builds a foundation for long-term growth and expanded market reach. We have delivered both financially and operationally in FY25 as we continue to bring products to market faster for our customers. \n \n I consider that £100m per annum revenue is a meaningful future milestone for this business and given the progress we continue to make, the Board is fully confident in our ability to achieve this. Trading in FY25 has started well, with a focus on continuing to deliver as planned. Looking further ahead, we anticipate continued growth in revenues and profit from 2026, driven by the full impact of our major design wins and increased capacity across our operations. \n \n Miles Adcock \n Chief Executive Officer \n \n CFO statement \n \n Financial KPIs \n \n \n \n \n \n \n \n \n 2023 (restated) \n \n \n 2024 \n \n \n \n \n Revenue \n \n \n £31.7m \n \n \n £40.3m \n \n \n \n \n % change vs previous year \n \n \n 73% \n \n \n 27% \n \n \n \n \n Gross profit \n \n \n £15.6m \n \n \n £20m \n \n \n \n \n % Gross margin \n \n \n 49.4% \n \n \n 49.5% \n \n \n \n \n Profit before tax \n \n \n £3.7m \n \n \n £5.2m \n \n \n \n \n % change vs previous year \n \n \n 658% \n \n \n 40% \n \n \n \n \n Earnings per share \n \n \n 4.06p \n \n \n 5.49p \n \n \n \n \n Dividend per share \n \n \n 1p \n \n \n 1.1p \n \n \n \n \n EBITDA \n \n \n £6.0m \n \n \n £7.8m \n \n \n \n \n % change \n \n \n 185% \n \n \n 30% \n \n \n \n \n Closing cash \n \n \n £11.1m \n \n \n £13.7m \n \n \n \n \n % change vs previous year \n \n \n 146% \n \n \n 23% \n \n \n \n \n Investment in R&D \n \n \n £3.8m \n \n \n £3.0m \n \n \n \n \n Total assets \n \n \n £46.7m \n \n \n £50.8m \n \n \n \n \n Shareholders' funds \n \n \n £34.3m \n \n \n £38.9m \n \n \n \n \n \n \n Revenue \n An excellent year with revenues growing by 27% to £40.3m (FY23: £31.7m). The Company generates sales through products and associated services, customer-funded projects (mainly modification programmes), and the sales of Systems and their development. Products sales remain the major revenue contributor at £37m, plus Systems revenue of £2.1m and project revenue of £1.2m. \n \n Geographical split of revenue \n \n \n \n \n \n Revenue \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Year to \n \n \n Year to \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 31 December \n \n \n 31 December \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n £ \n \n \n £ \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n United States \n \n \n 18,333,933 \n \n \n 13,060,691 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Malaysia \n \n \n 1,782,697 \n \n \n 392,850 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Germany \n \n \n 3,614,506 \n \n \n 6,450,372 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n United Kingdom \n \n \n 2,929,047 \n \n \n 2,148,568 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other Europe \n \n \n 8,146,423 \n \n \n 4,178,401 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Rest of the World \n \n \n 5,517,477 \n \n \n 5,425,434 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 40,324,083 \n \n \n 31,656,316 \n \n \n \n \n \n \n The geographical split remains worldwide and is driven by customer requirements (not always the same every year due to the nature of our products). The US remains dominant for revenue growing from 41% to 45% of revenue in FY24 (FY23: £13.1m; FY24 to £18.3m). Europe has increased by c. 10%/£1m, with continued growth in Asia c. 80%/£3m, with a small decrease in ROW. \n The largest customer in FY24 was in the US at £6m, followed by Italy and India. With the direction of working with major primes and increasing our customer base, our top 10 customers equate to c. 54% of our revenue (FY23: 52%) \n \n \n % revenue by top customers \n \n \n \n \n \n Customer \n \n \n % of total revenue \n \n \n \n \n 1 \n \n \n 15% \n \n \n \n \n 2 \n \n \n 9% \n \n \n \n \n 3 \n \n \n 5% \n \n \n \n \n 4 \n \n \n 5% \n \n \n \n \n 5 \n \n \n 4% \n \n \n \n \n 6 \n \n \n 4% \n \n \n \n \n 7 \n \n \n 3% \n \n \n \n \n 8 \n \n \n 3% \n \n \n \n \n 9 \n \n \n 3% \n \n \n \n \n 10 \n \n \n 3% \n \n \n \n \n \n Revenue by market \n \n \n \n \n \n Defence \n \n \n £35,016,539 \n \n \n 87% \n \n \n \n \n Industrial and scientific \n \n \n £3,033,160 \n \n \n 7% \n \n \n \n \n Medical, communications and other \n \n \n £2,274,384 \n \n \n 6% \n \n \n \n \n \n \n \n £40,324,083 \n \n \n \n \n \n \n \n \n Gross profit \n \n Gross profit grew by c. 28% to £20m (FY23: £15.6m), with gross profit margin remaining strong at 49.5% (FY23: 49.4%) The gross margin on products increased marginally in the year. This improvement was largely offset, as expected, by a lower margin mix in our systems and projects businesses which included customer programmes, varying third party content and increased direct manpower costs. \n \n Profit \n \n Profit before tax increased by c. 40% to £5.2m (FY23: £3.7m), after a significant investment in the Systems business of £1.1m, as planned. Product profit margins remain strong at c. 50%, reflecting strong efficiency and effectiveness as a result of investment in people, tools and processes over the last few years. Record revenue for a second year and corresponding increased gross profit have resulted in increased profitability. EBITDA (measured as operating profit adjusted for depreciation and amortisation) increased by 30% to £7.8m (FY23: £6m). Amortisation of our product development was up by 28% to £1.9m, reflecting the new product portfolio continuing to be released into the costs of the business, across the year. Capitalisation of product development is lower in FY24 at £3m (FY23: £3.8m) due to increased customer-funded design and engineering, and the level of internal development. \n \n Earnings per share (EPS) was 5.12p (FY23: 4.06p). This reflects the increased number of shares, in full, following the equity raise in August FY23. \n \n Cost base \n \n The Group continues to balance an efficient and effective cost base, with a strong growth strategy. FY24 represented a first full year of the full investment costs (predominantly people) in the Products business and functions supporting it. In the year, the Group also significantly invested in the Systems business, mainly with additional people to support growth to be ready to efficiently deliver new business as won. \n \n The Group continues to pursue the strategy, investing in R&D, developing new products and securing talented people to deliver and drive the business. \n \n Operating expenses \n \n \n \n \n \n \n \n \n \n \n \n FY24 \n £m \n \n \n FY23 \n £m \n \n \n Variance \n \n \n \n \n \n Total operating expenses \n \n \n \n \n \n 14.8 \n \n \n 12.2 \n \n \n 2.6 \n \n \n \n \n Salaries, NI & pension \n \n \n \n \n \n 11.0 \n \n \n 9.0 \n \n \n 2.0 \n \n \n \n \n Bonus & commissions \n \n \n \n \n \n 1.8 \n \n \n 1.9 \n \n \n -0.1 \n \n \n \n \n Total salary related costs \n \n \n \n \n \n 12.8 \n \n \n 10.9 \n \n \n 1.9 \n \n \n \n \n Other costs \n \n \n \n \n \n 3.4 \n \n \n 3.4 \n \n \n 0 \n \n \n \n \n Capitalisation \n \n \n \n \n \n +3.0 \n \n \n +3.8 \n \n \n -0.8 \n \n \n \n \n Amortisation \n \n \n \n \n \n 1.9 \n \n \n 1.4 \n \n \n -0.5 \n \n \n \n \n FX \n \n \n \n \n \n +0.3 \n \n \n 0.3 \n \n \n +0.6 \n \n \n \n \n Total \n \n Operating cost of Systems \n \n \n \n \n \n 14.8 \n \n 1.3 \n \n \n 12.2 \n \n 0.3 \n \n \n 2.6 \n \n 1.0 \n \n \n \n \n \n \n As per the table above, a major part of the cost increase has been the investment in people, with salaries increasing by £2m, with an additional £1m accounted for in Systems (full year v partial year of c. 4 months). \n \n Bonus and commissions were slightly down, with increased participants, offset by a £300k one-off charge last year for the change in commission scheme. \n \n Amortisation increased significantly due to our newer products being completed. All other costs are relatively flat, with a favourable swing in foreign exchange rates, important dominated by the USD. \n \n Tax \n \n The Group has undertaken a full tax review and computation, in accordance with UK tax regulations. In FY24 we have a tax charge of £0.5m, due to reduced R&D activity (some of this was diverted to customer-funded projects) and increased profits. Tax planning is an part of our financial efficiency, especially as we grow and the tax regime changes for R&D investment. We will continue to review and maximise our position as we go forward. \n \n Cash flow \n \n The business has a healthy cash balance of £13.7m (FY23 £11.1m), with £7.9m generated from normal operations (a strong increase from FY23 at £5.6m). Revenue was strong in Q4, resulting in high trade receivables at the end of FY24 of £6.2m. The business continued to be cash generative in FY24, despite a significant investment in Systems and a one-off end-of-life purchase on components which although delivered in FY23, was paid for in FY24. \n \n Statement of financial position \n \n Inventory at the close of FY24 was £11m (FY23: £12m). Following investment in inventory during the component crisis of FY22 (and part way through FY23) inventory levels began to normalise through FY24, reflecting increased manufacturing levels and the acceleration of customer deliveries in the year. Going forward we expect inventory levels to continue to normalise but against a larger Group structure. The lead times and availability of components is now back to pre-crisis levels, but we are seeing several examples of reductions in component variations (SKUs), which is leading to some end-of-life products being purchased. This is on a reasonable and manageable level and we will continue to manage it tightly to ensure we maximise efficiency. The business reviews inventory regularly and provides for obsolescence and slow-moving inventory accordingly, which totalled £0.9m in FY24 (FY23 £1.26m). \n \n Inventory continues to be a key factor in enabling the business to deliver most efficiently and effectively, with careful management contributing to the reduction in lead times in getting products to customers. \n \n Trade payables at £5.1m (FY23: £5.7m) are at a slightly lower level to FY23. However, FY24 closing does not now include a large one-off payment for an end-of-life component purchase, which was cleared in April FY24, value c. £3.5m. The lower payables reflect a more effective supply chain and better delivery availability (more efficient in ordering in a timely manner). \n \n Kim Garrod \n Chief Financial Officer \n \n \n Consolidated statement of comprehensive income \n \n \n \n \n \n \n \n \n Note \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Year to \n \n \n Year to \n \n \n \n \n \n \n \n \n \n \n 31 December \n \n \n 31 December \n \n \n \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 (as restated) \n \n \n \n \n CONTINUING OPERATIONS \n \n \n \n \n \n £ \n \n \n £ \n \n \n \n \n Revenue \n \n \n 3 \n \n \n 40,324,083 \n \n \n 31,656,316 \n \n \n \n \n Cost of sales \n \n \n \n \n \n (20,348,752) \n \n \n (16,018,368) \n \n \n \n \n Gross profit \n \n \n \n \n \n 19,975,331 \n \n \n 15,637,948 \n \n \n \n \n Administrative expenses \n \n \n \n \n \n (14,782,064) \n \n \n (11,951,314) \n \n \n \n \n Group operating profit \n \n \n 4 \n \n \n 5,193,267 \n \n \n 3,686,634 \n \n \n \n \n Finance costs \n \n \n \n \n \n (93,284) \n \n \n (86,010) \n \n \n \n \n Finance income \n \n \n 5 \n \n \n 79,294 \n \n \n 68,145 \n \n \n \n \n Exceptional items \n \n \n 28 \n \n \n - \n \n \n (195,881) \n \n \n \n \n Profit before tax \n \n \n \n \n \n 5,179,277 \n \n \n 3,472,888 \n \n \n \n \n Tax (charge)/credit \n \n \n 6 \n \n \n (476,839) \n \n \n (312,752) \n \n \n \n \n Profit for the year \n \n \n \n \n \n 4,702,438 \n \n \n 3,160,136 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other comprehensive income \n \n \n \n \n \n \n \n \n \n \n \n \n \n Exchange gains/(losses) on translating foreign operations \n \n \n \n \n \n (53,556) \n \n \n (101,340) \n \n \n \n \n Other comprehensive income for the year, net of tax \n \n \n \n \n \n (53,556) \n \n \n (101,340) \n \n \n \n \n Total comprehensive income for the year \n \n \n \n \n \n 4,648,882 \n \n \n 3,058,796 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Profit for the period attributable to: \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity holders of the parent \n \n \n \n \n \n 4,702,438 \n \n \n 3,160,136 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total comprehensive income attributable to: \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity holders of the parent \n \n \n \n \n \n 4,648,882 \n \n \n 3,058,796 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Earnings per share \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic earnings per share \n \n \n 8 \n \n \n 5.49p \n \n \n 4.06p \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Diluted earnings per share \n \n \n 8 \n \n \n 5.18p \n \n \n 3.95p \n \n \n \n \n \n All operations were continuing within the year. \n \n Consolidated statement of financial position \n \n \n \n \n \n \n \n \n \n \n \n \n 31 December \n \n \n 31 December \n \n \n \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 (as restated) \n \n \n \n \n \n \n \n \n \n \n £ \n \n \n £ \n \n \n \n \n ASSETS \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n Property, plant and equipment \n \n \n 11 \n \n \n 2,686,772 \n \n \n 2,465,883 \n \n \n \n \n Intangible assets \n \n \n 12 \n \n \n 15,392,208 \n \n \n 13,914,397 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 18,078,980 \n \n \n 16,380,280 \n \n \n \n \n Current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n Inventories \n \n \n 15 \n \n \n 10,875,616 \n \n \n 11,958,500 \n \n \n \n \n Trade and other receivables \n \n \n 16 \n \n \n 8,104,112 \n \n \n 6,442,827 \n \n \n \n \n Current tax assets \n \n \n 6 \n \n \n 14,957 \n \n \n 779,621 \n \n \n \n \n Cash and cash equivalents \n \n \n \n \n \n 13,706,703 \n \n \n 11,118,728 \n \n \n \n \n \n \n \n \n \n \n 32,701,389 \n \n \n 30,299,676 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total assets \n \n \n \n \n \n 50,780,369 \n \n \n 46,679,956 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n LIABILITIES \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-current liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Deferred tax liabilities \n \n \n 13 \n \n \n 2,123,264 \n \n \n 1,661,453 \n \n \n \n \n Trade and other payables \n \n \n 17 \n \n \n 446,477 \n \n \n 695,273 \n \n \n \n \n Long-term provisions \n \n \n 19 \n \n \n 326,596 \n \n \n 315,135 \n \n \n \n \n \n \n \n \n \n \n 2,896,337 \n \n \n 2,671,861 \n \n \n \n \n Current liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Trade and other payables \n \n \n 17 \n \n \n 8,940,768 \n \n \n 9,666,412 \n \n \n \n \n Short-term provisions \n \n \n 19 \n \n \n 18,256 \n \n \n 18,256 \n \n \n \n \n \n \n \n \n \n \n 8,959,024 \n \n \n 9,684,668 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total liabilities \n \n \n \n \n \n 11,855,361 \n \n \n 12,356,529 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net assets \n \n \n \n \n \n 38,925,008 \n \n \n 34,323,428 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n EQUITY \n \n \n \n \n \n \n \n \n \n \n \n \n \n Capital and reserves \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share capital \n \n \n 21 \n \n \n 861,692 \n \n \n 861,692 \n \n \n \n \n Share premium account \n \n \n \n \n \n 9,950,231 \n \n \n 9,950,231 \n \n \n \n \n Merger reserve \n \n \n \n \n \n 1,283,457 \n \n \n 1,283,457 \n \n \n \n \n \n Capital redemption reserve \n \n \n \n \n \n 256,976 \n \n \n 256,976 \n \n \n \n \n Cumulative translation reserve \n \n \n \n \n \n (182,832) \n \n \n (129,276) \n \n \n \n \n Profit and loss account \n \n \n \n \n \n 26,755,483 \n \n \n 22,100,348 \n \n \n \n \n Equity attributable to equity holders of the parent \n \n \n \n \n \n 38,925,008 \n \n \n 34,323,428 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total equity \n \n \n \n \n \n 38,925,008 \n \n \n 34,323,428 \n \n \n \n \n \n \n Company statement of financial position \n \n \n \n \n \n \n \n \n \n \n \n 31 December \n \n \n 31 December \n \n \n \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 (as restated) \n \n \n \n \n \n \n \n \n \n \n £ \n \n \n £ \n \n \n \n \n ASSETS \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n Property, plant and equipment \n \n \n 11 \n \n \n 2,468,789 \n \n \n 2,374,209 \n \n \n \n \n Intangible assets \n \n \n 12 \n \n \n 12,788,842 \n \n \n 11,217,904 \n \n \n \n \n Investments \n \n \n 14 \n \n \n 1,947,312 \n \n \n 1,572,640 \n \n \n \n \n Trade and other receivables \n \n \n 16 \n \n \n 3,301,753 \n \n \n - \n \n \n \n \n \n \n \n \n \n \n 20,506,697 \n \n \n 15,164,753 \n \n \n \n \n Current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n Inventories \n \n \n 15 \n \n \n 10,094,952 \n \n \n 11,754,564 \n \n \n \n \n Trade and other receivables \n \n \n 16 \n \n \n 8,980,097 \n \n \n 8,534,995 \n \n \n \n \n Current tax assets \n \n \n \n \n \n - \n \n \n 721,921 \n \n \n \n \n Cash and cash equivalents \n \n \n \n \n \n 10,692,223 \n \n \n 9,111,243 \n \n \n \n \n \n \n \n \n \n \n 29,767,272 \n \n \n 30,122,723 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total assets \n \n \n \n \n \n 50,273,969 \n \n \n 45,287,476 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n LIABILITIES \n \n \n \n \n \n \n \n \n \n \n \n \n \n Non-current liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Deferred tax liabilities \n \n \n 13 \n \n \n 1,890,207 \n \n \n 1,402,181 \n \n \n \n \n Trade and other payables \n \n \n 17 \n \n \n 428,913 \n \n \n 677,607 \n \n \n \n \n Long-term provisions \n \n \n 19 \n \n \n 326,596 \n \n \n 315,135 \n \n \n \n \n \n \n \n \n \n \n 2,645,716 \n \n \n 2,394,923 \n \n \n \n \n Current liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Trade and other payables \n \n \n 17 \n \n \n 7,011,848 \n \n \n 8,890,046 \n \n \n \n \n Current tax liabilities \n \n \n \n \n \n 32,368 \n \n \n - \n \n \n \n \n Short-term provisions \n \n \n 19 \n \n \n 18,256 \n \n \n 18,256 \n \n \n \n \n \n \n \n \n \n \n 7,062,472 \n \n \n 8,908,302 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total liabilities \n \n \n \n \n \n 9,708,188 \n \n \n 11,303,225 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net assets \n \n \n \n \n \n 40,565,781 \n \n \n 33,984,251 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n EQUITY \n \n \n \n \n \n \n \n \n \n \n \n \n \n Capital and reserves \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share capital \n \n \n 21 \n \n \n 861,692 \n \n \n 861,692 \n \n \n \n \n Share premium account \n \n \n \n \n \n 9,950,231 \n \n \n 9,950,231 \n \n \n \n \n Merger reserve \n \n \n \n \n \n 1,283,457 \n \n \n 1,283,457 \n \n \n \n \n Capital redemption reserve \n \n \n \n \n \n 256,976 \n \n \n 256,976 \n \n \n \n \n Profit and loss account \n \n \n \n \n \n 28,213,425 \n \n \n 21,631,895 \n \n \n \n \n Equity attributable to equity holders of the parent \n \n \n \n \n \n 40,565,781 \n \n \n 33,984,251 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total equity \n \n \n \n \n \n 40,565,781 \n \n \n 33,984,251 \n \n \n \n \n \n \n Consolidated cash flow statement \n \n \n \n \n \n \n \n \n \n \n \n Year to \n \n \n Year to \n \n \n \n \n \n \n \n \n \n \n 31 December \n \n \n 31 December \n \n \n \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 (as restated) \n \n \n \n \n \n \n \n \n \n \n £ \n \n \n £ \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flows from operating activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Profit before tax for the period \n \n \n \n \n \n 5,179,277 \n \n \n 3,472,888 \n \n \n \n \n Adjustments for: \n \n \n \n \n \n \n \n \n \n \n \n \n \n Finance income \n \n \n \n \n \n (79,294) \n \n \n (68,145) \n \n \n \n \n Finance costs \n \n \n \n \n \n 93,284 \n \n \n 86,010 \n \n \n \n \n Depreciation \n \n \n \n \n \n 673,058 \n \n \n 806,236 \n \n \n \n \n Amortisation \n \n \n \n \n \n 1,936,561 \n \n \n 1,509,167 \n \n \n \n \n Impairment loss \n \n \n \n \n \n 4,088 \n \n \n 31,557 \n \n \n \n \n Share-based payment \n \n \n \n \n \n 744,755 \n \n \n 430,854 \n \n \n \n \n Exchange differences \n \n \n \n \n \n 25,547 \n \n \n (145,706) \n \n \n \n \n Decrease/(increase) in inventories \n \n \n \n \n \n 1,082,884 \n \n \n (1,868,063) \n \n \n \n \n (Increase)/decrease in trade and other receivables \n \n \n \n \n \n (1,661,285) \n \n \n (1,029,033) \n \n \n \n \n (Decrease)/increase in trade and other payables \n \n \n \n \n \n (749,800) \n \n \n 2,853,322 \n \n \n \n \n Cash generated from operations \n \n \n \n \n \n 7,251,074 \n \n \n 6,079,087 \n \n \n \n \n Tax received/(paid) \n \n \n \n \n \n 641,594 \n \n \n (444,210) \n \n \n \n \n Net cash generated from operating activities \n \n \n \n \n \n 7,892,668 \n \n \n 5,634,877 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flows from investing activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Finance income \n \n \n \n \n \n 79,294 \n \n \n 68,145 \n \n \n \n \n Purchases of property, plant and equipment (PPE) \n \n \n \n \n \n (877,072) \n \n \n (495,973) \n \n \n \n \n Payment of acquisition of subsidiary net of cash acquired \n \n \n \n \n \n - \n \n \n (685,767) \n \n \n \n \n Capitalisation of development costs and purchases of intangible assets \n \n \n \n \n \n (3,382,525) \n \n \n (3,977,839) \n \n \n \n \n Net cash used in investing activities \n \n \n \n \n \n (4,180,302) \n \n \n (5,091,434) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cash flows from financing activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Equity dividends paid \n \n \n \n \n \n (856,377) \n \n \n - \n \n \n \n \n Repayment of leasing liabilities \n \n \n \n \n \n (233,230) \n \n \n (215,209) \n \n \n \n \n Interest paid \n \n \n \n \n \n (93,284) \n \n \n (86,010) \n \n \n \n \n Issue of ordinary shares \n \n \n \n \n \n - \n \n \n 6,355,741 \n \n \n \n \n Sale/(purchase) of treasury shares \n \n \n \n \n \n 58,500 \n \n \n - \n \n \n \n \n Net cash used in financing activities \n \n \n \n \n \n (1,124,391) \n \n \n 6,054,522 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Effects of exchange rate changes on cash and cash equivalents \n \n \n \n \n \n - \n \n \n 8,043 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net increase/(decrease) in cash \n \n \n \n \n \n 2,587,975 \n \n \n 6,606,008 \n \n \n \n \n Cash at beginning of period \n \n \n \n \n \n 11,118,728 \n \n \n 4,512,720 \n \n \n \n \n Cash at the end of the period \n \n \n \n \n \n 13,706,703 \n \n \n 11,118,728 \n \n \n \n \n \n Consolidated statement of changes in equity \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Capital \n \n \n Cumulative \n \n \n Profit \n \n \n \n \n \n \n \n \n \n \n Share \n \n \n Share \n \n \n \n \n \n redemption \n \n \n translation \n \n \n and loss \n \n \n Total \n \n \n \n \n \n \n \n capital \n \n \n premium \n \n \n Merger reserve \n \n \n reserve \n \n \n reserve \n \n \n account \n \n \n equity \n \n \n \n \n \n \n \n £ \n \n \n £ \n \n \n £ \n \n \n £ \n \n \n £ \n \n \n £ \n \n \n £ \n \n \n \n \n Balance at 1 January 2023 \n \n \n 739,000 \n \n \n 3,699,105 \n \n \n - \n \n \n 256,976 \n \n \n (27,936) \n \n \n 18,509,357 \n \n \n 23,176,502 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Profit for the period \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n 3,160,136 \n \n \n 3,160,136 \n \n \n \n \n Exchange differences on translating foreign operations \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n (101,340) \n \n \n - \n \n \n (101,340) \n \n \n \n \n Total comprehensive income for the period (restated) \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n (101,340) \n \n \n 3,160,136 \n \n \n 3,058,796 \n \n \n \n \n Share-based payment \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n 430,854 \n \n \n 430,854 \n \n \n \n \n Merger reserve \n \n \n 18,077 \n \n \n - \n \n \n 1,283,457 \n \n \n - \n \n \n - \n \n \n - \n \n \n 1,301,534 \n \n \n \n \n Issue of ordinary shares \n \n \n 104,615 \n \n \n 6,251,126 \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 6,355,741 \n - \n \n \n \n \n Balance at 31 December 2023 (as restated) \n \n \n 861,692 \n \n \n 9,950,231 \n \n \n 1,283,457 \n \n \n 256,976 \n \n \n (129,276) \n \n \n 22,100,347 \n \n \n 34,323,427 \n \n \n \n \n Balance at 31 December 2023 (reported) \n \n \n 861,692 \n \n \n 9,950,231 \n \n \n 1,283,457 \n \n \n 256,976 \n \n \n (129,276) \n \n \n 22,813,347 \n \n \n 35,036,427 \n \n \n \n \n Prior year adjustment (note 2) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (713,000) \n \n \n (713,000) \n \n \n \n \n Balance at 31 December 2023 (as restated) \n \n \n 861,692 \n \n \n 9,950,231 \n \n \n 1,283,457 \n \n \n 256,976 \n \n \n (129,276) \n \n \n 22,100,347 \n \n \n 34,323,427 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Profit for the period \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n 4,702,438 \n \n \n 4,702,438 \n \n \n \n \n Exchange differences on translating foreign operations \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n (53,556) \n \n \n - \n \n \n (53,556) \n \n \n \n \n Total comprehensive income for the period (restated) \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n (53,556) \n \n \n 4,702,438 \n \n \n 4,648,882 \n \n \n \n \n Share-based payment \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n 744,755 \n \n \n 744,755 \n \n \n \n \n Deferred tax on share-based payment \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n 5,820 \n \n \n 5,820 \n \n \n \n \n Dividends paid \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n (856,377) \n \n \n (856,377) \n \n \n \n \n Sale/purchase of treasury shares \n \n \n - \n \n \n - \n \n \n \n \n \n - \n \n \n - \n \n \n 58,500 \n \n \n 58,500 \n \n \n \n \n Balance at 31 December 2024 \n \n \n 861,692 \n \n \n 9,950,231 \n \n \n 1,283,457 \n \n \n 256,976 \n \n \n (182,832) \n \n \n 26,755,483 \n \n \n 38,925,008 \n \n \n \n \n \n \n Company statement of changes in equity \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Capital \n \n \n \n \n \n Profit \n \n \n \n \n \n \n \n \n \n \n \n \n \n Share \n \n \n \n \n \n Share \n \n \n Merger reserve \n \n \n \n \n \n redemption \n \n \n \n \n \n and loss \n \n \n \n \n \n Total \n \n \n \n \n \n \n \n capital \n \n \n \n \n \n premium \n \n \n \n \n \n \n \n \n reserve \n \n \n \n \n \n account \n \n \n \n \n \n Equity \n \n \n \n \n \n \n \n £ \n \n \n \n \n \n £ \n \n \n £ \n \n \n \n \n \n £ \n \n \n \n \n \n £ \n \n \n \n \n \n £ \n \n \n \n \n Balance at 1 January 2023 \n \n \n 739,000 \n \n \n \n \n \n 3,699,105 \n \n \n - \n \n \n \n \n \n 256,976 \n \n \n \n \n \n 18,022,596 \n \n \n \n \n \n 22,717,677 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total profit and comprehensive income for the period \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n 2,919,774 \n \n \n \n \n \n 2,919,774 \n \n \n \n \n Share-based payment \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n 430,854 \n \n \n \n \n \n 430,854 \n \n \n \n \n Dividends received \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n 258,670 \n \n \n \n \n \n 258,670 \n \n \n \n \n Merger reserve \n \n \n 18,077 \n \n \n \n \n \n - \n \n \n 1,283,457 \n \n \n \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n \n 1,301,534 \n \n \n \n \n Issue of ordinary shares \n \n \n 104,615 \n \n \n \n \n \n 6,251,126 \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n \n 6,355,741 \n \n \n \n \n Balance at 31 December 2023 (as restated) \n \n \n 861,692 \n \n \n \n \n \n 9,950,231 \n \n \n 1,283,457 \n \n \n \n \n \n 256,976 \n \n \n \n \n \n 21,631,894 \n \n \n \n \n \n 33,984,250 \n \n \n \n \n Balance at 31 December 2023 (reported) \n \n \n 861,692 \n \n \n \n \n \n 9,950,231 \n \n \n 1,283,457 \n \n \n \n \n \n 256,976 \n \n \n \n \n \n 22,344,894 \n \n \n \n \n \n 34,697,250 \n \n \n \n \n Prior year adjustment (note 2) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n (713,000) \n \n \n \n \n \n (713,000) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Balance at 31 December 2023 (as restated) \n \n \n 861,692 \n \n \n \n \n \n 9,950,231 \n \n \n 1,283,457 \n \n \n \n \n \n 256,976 \n \n \n \n \n \n 21,631,894 \n \n \n \n \n \n 33,984,250 \n \n \n \n \n Profit for the period \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 6,628,833 \n \n \n \n \n \n \n 6,628,833 \n \n \n \n \n \n Share-based payment \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n 744,755 \n \n \n \n \n \n 744,755 \n \n \n \n \n Deferred tax on share-based payment \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n 5,820 \n \n \n \n \n \n 5,820 \n \n \n \n \n Dividends paid \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n \n (856,377) \n \n \n \n \n \n (856,377) \n \n \n \n \n Sale/purchase of treasury shares \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n \n \n \n 58,500 \n \n \n \n \n \n 58,500 \n \n \n \n \n Balance at 31 December 2024 \n \n \n 861,692 \n \n \n \n \n \n 9,950,231 \n \n \n 1,283,457 \n \n \n \n \n \n 256,976 \n \n \n \n \n \n 28,213,425 \n \n \n \n \n \n 40,565,781 \n \n \n \n \n \n \n \n Notes to the financial statement for the year ended 31 December 2024 \n \n \n \n \n \n Note 1 \n \n \n GENERAL INFORMATION \n \n \n \n \n \n \n \n The principal activity of Concurrent Technologies plc ('the Company') and its subsidiaries (together 'the Group') is the design, development, manufacture and marketing of single board computers for system integrators and original equipment manufacturers. \n \n \n \n \n \n \n \n \n Concurrent Technologies plc is the Group's ultimate Parent Company. It is incorporated and domiciled in the United Kingdom. Concurrent Technologies plc's shares are listed on the Alternative Investment Market of the London Stock Exchange. \n \n \n \n \n \n \n \n \n The Group's financial statements are presented in pounds sterling (£), which is also the functional currency of the Parent Company. They have been approved for issue by the Board of Directors on 11 April 2025. \n \n \n \n \n \n Note 2 \n \n \n SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES \n \n \n \n \n \n \n \n \n \n Basis of preparation \n \n \n These financial statements are for the year ended 31 December 2024. They have been prepared in accordance with UK-Adopted International Accounting Standards and with the requirements of the Companies Act 2006. These financial statements have been prepared under the historical cost convention. \n \n New and amended IFRS Accounting Standards that are effective for the current year \n \n In the current year, the Group has applied a number of amendments to IFRS Accounting Standards issued by the International Accounting Standards Board (IASB) that are mandatorily effective for an accounting period that begins on or after 1 January 2024. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. \n \n \n \n \n \n · \n \n \n IAS 1: Further amendment to the Classification of Liabilities as Current or Non-Current; \n \n \n \n \n · \n \n \n IFRS 16: Lease Liability in a Sale and Leaseback; \n \n \n \n \n · \n \n \n IAS 1: Non-current Liabilities with Covenants; and \n \n \n \n \n · \n \n \n IAS 7 and IFRS 7: Supplier Finance Arrangements \n \n \n \n \n \n New and revised IFRS accounting standards in issue but not yet effective \n \n Certain standards, amendments to, and interpretations of, published standards have been published that are mandatory for the Group's accounting years beginning on or after 1 January 2025 or later years and which the Group has decided not to adopt early: \n \n \n \n \n \n · \n \n \n IAS 21: Lack of Exchangeability. \n \n \n \n \n \n None of the above listed changes are anticipated to have a material impact on the Group's financial statements. \n \n \n \n \n \n \n \n \n Changes in significant accounting policies \n \n There have been no changes in the year to significant accounting policies in the period. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n The policies set out below have been consistently applied to all the years presented, except where stated. \n \n \n \n \n \n Basis of presentation and disclosure exemptions \n \n \n The consolidated financial statements are presented in accordance with IAS 1 Presentation of Financial Statements. The Group has elected to present the 'Income Statement' and 'Statement of Other Comprehensive Income' in one statement. \n \n The company financial statements are separate financial statements prepared in accordance with FRS 101. The company is a qualifying entity as defined in FRS 101 and has applied the disclosure exemptions available under FRS 101 in the preparation of these financial statements. \n As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions: \n \n \n \n \n \n · \n \n \n A cash flow statement and related notes (IAS 7) \n \n \n \n \n · \n \n \n Comparative information in respect of certain disclosures (IAS 1) \n \n \n \n \n · \n \n \n Disclosure requirements of IFRS 7 (Financial Instruments: Disclosures) \n \n \n \n \n · \n \n \n Disclosure requirements of IFRS 13 (Fair Value Measurement) \n \n \n \n \n · \n \n \n Related party disclosures (IAS 24), where transactions are with wholly-owned subsidiaries \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Note 2 \n \n \n SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) \n \n \n \n \n \n \n \n \n \n Going concern \n \n \n The Directors have reviewed the approved budget and projections sensitised for different scenarios through to December 2026, considering general and specific market conditions, status of suppliers, liquidity and funding requirements and the needs of subsidiary companies. \n \n The Directors have assessed the viability of the Group using extreme assumptions to reverse stress test the cash forecast. Assumptions include extreme reduction in sales, decrease in gross margin, and reduced reduction in inventory levels (as anticipated in 2025). Additionally, within these scenarios we have excluded any potential beneficial impacts such as tighter management of working capital and cost reduction measures. These have been excluded to retain headroom in the forecast and to provide a worst expected case scenario. The forecast is that significant cash balances remain within the Group and there is no borrowing requirement leaving the Directors confident that the Group will be able to meet its obligations and as such, there is no material uncertainty over the going concern assumption. \n \n \n \n \n \n Basis of consolidation \n \n \n The consolidated financial statements incorporate the financial statements of the Company and its subsidiary undertakings. A subsidiary is a company controlled directly by the Group. Control is achieved where the Group has the power over the investee, rights to variable returns and the ability to use the power to affect the investee's returns. \n \n The acquisition method views a business combination from the perspective of the combining entity that is identified as the acquirer. The acquirer recognises the assets acquired and liabilities and contingent liabilities assumed, including those not previously recognised by the acquiree, where recognition criteria are met. Measurement of these items is generally at fair value at acquisition date. The measurement of the acquirer's assets and liabilities is not affected by the transaction, nor are any additional assets or liabilities of the acquirer recognised as a result of the transaction, because they are not the subjects of the transaction. All subsidiaries are 100% wholly owned and are fully controlled by the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. \n \n \n \n \n \n Revenue recognition \n \n \n Revenue is recognised by the Group using the five-step process outlined in IFRS 15: \n \n \n \n \n \n · \n \n \n Identifying a contract with a customer \n \n \n \n \n · \n \n \n Identifying the performance obligations \n \n \n \n \n · \n \n \n Determining the transaction price \n \n \n \n \n · \n \n \n Allocating the transaction price to the performance obligations \n \n \n \n \n · \n \n \n Recognising revenue when the performance obligations are satisfied \n \n \n \n \n \n \n \n \n \n \n \n \n \n The Group's principal source of revenue is from the sale of single board computers and associated products (which could include software products which are required by the customer to be added to the boards sold, for example security software). Revenue from the sale of products, including any added software (this is so interlinked with the single board computer (SBC) that they are considered one performance obligation under IFRS 15), is recognised when the Group satisfies its performance obligations by transferring the promised goods to its customers. Control is considered to transfer, at the point in time, when the customer takes undisputed responsibility for the goods. This depends on the terms and conditions of sale with the customer. There are three main terms for delivery: 1) On delivery terms being the Group is responsible for the goods until delivered at the stated delivery address under the contract. 2) Free on Board contract terms means the goods remain the Group's responsibility until they are placed on board the vehicle for shipping, with export duty being the Group's responsibility as well. The customer is responsible after this point. 3) Ex-works contract terms, where the customer is responsible from the point the goods leave the factory or appropriate site, often, under control of the customer's defined shipping arrangement. \n \n The Group provides a basic warranty on its products but does offer customers the opportunity to purchase an extended warranty of one, two or three years for their boards. As the customer has the option of purchasing the additional warranty separately, this is accounted for as a separate performance obligation under IFRS15 where the Group will repair or replace faulty boards at no additional charge to the customer. Contract liabilities on these extended warranties is recognised and released to income over the warranty period until the performance obligation is satisfied. During the 12 months to 31 December 2024, £5,087 was released to Profit and Loss. \n \n \n \n \n \n \n \n \n Revenue recognised for Systems contracts, under IFRS 15, was £2,132,044 for 2024 accounts. Systems revenue will continue into 2025 and beyond as we are now a Systems company as well. Revenue will normally be recognised over time, in accordance with IFRS 15, using the input method based on the percentage of completion (using costs versus budgeted/forecasts of costs at completion), and will be dependent on the conditions of each specific contract (in line with the five-step process above). \n \n \n \n \n \n \n \n \n \n Revenue recognition (continued) \n \n \n For our single board business, invoices are raised on despatch, with payment terms being usually 30 days from date of invoice. For the Systems business, payment terms will be based on negotiations and could include pro-forma and 30-day payment terms but will be subject to negotiated positions. \n \n \n \n \n \n Cost of sales \n \n \n Cost of sales consists of external purchases and inventory used on delivering specific contracts, plus the direct manpower (predominantly manufacturing) related to the fulfilment of the specific contracts and direct ancillary costs such as shipping. \n \n \n \n \n \n Administrative expenses \n \n \n This includes all non-direct costs (e.g. general overheads such as rent, rates, sales and indirect functions). This also includes non-direct engineering expenses. \n \n \n \n \n \n Foreign currencies \n \n \n The functional and presentational currency of the Company is pounds sterling (GBP). Transactions in currencies other than the functional currency of the individual entities within the Group are recorded at the rates of exchange prevailing on the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the remeasurement of monetary items at year end exchange rates are recognised in profit or loss. \n \n \n \n \n \n \n \n \n In the Group's financial statements, all assets, liabilities and transactions of Group entities with a functional currency other than GBP are translated into pounds sterling upon consolidation. The functional currencies of the entities in the Group have remained unchanged during the reporting period. \n \n \n \n \n \n \n \n \n On consolidation, assets and liabilities have been translated into GBP at the closing rate at the reporting date. Foreign Exchange differences arising for intercompany transactions are charged within profit and loss. Income and expenses have been translated into GBP at the rates of exchange prevailing on the dates of the transactions over the reporting period. In line with IAS 21, an average rate is used for the period unless exchange rates fluctuate significantly and then the weighted average rate is used. Exchange differences are charged/credited to other comprehensive income and recognised in the cumulative translation reserve in equity. On disposal of a foreign operation the cumulative translation differences recognised in equity are reclassified to profit or loss and recognised as part of the gain or loss on disposal. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated into GBP at the closing rate. \n \n \n \n \n \n \n \n \n \n \n \n \n Inventories \n \n \n Inventories are stated at the lower of cost and net realisable value on a first-in first-out basis. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Net realisable value represents the estimated selling price after allowing for the costs of realisation and, where appropriate, the cost of conversion from their existing state into a finished condition. Provision is made where necessary for obsolete, slow moving or defective inventories. \n \n \n \n \n \n \n \n \n \n \n \n \n Leases \n \n \n A lease is defined as a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration. To apply this definition, the Group assesses whether the contract meets three key evaluations which are whether the contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the Group; the Group has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract; and the Group has the right to direct the use of the identified asset throughout the period of use. \n \n At lease commencement the Group recognises a right of use asset and a lease liability on the statement of financial position. The right of use asset is measured at cost and initial direct costs incurred by the Group. The right of use asset is then depreciated on a straight-line basis over the term of the lease or the estimated useful life of the asset if shorter. At commencement date the Group measures the lease liability at the present value of the future lease payments, discounted using the Group's incremental borrowing rate. \n \n The Group has elected to account for short-term leases and leases of low value assets using the recognition exemptions and payments in relation to these are recognised as an expense in the appropriate period. \n \n Right of use assets have been included in property, plant and equipment and the corresponding lease liability included in trade and other payables. Detailed lease liability information is included in Notes 17 and 20. \n \n \n \n \n \n \n \n \n \n \n \n Property, plant and equipment \n \n \n Property, plant and equipment is stated at original historical cost, net of depreciation and any provision for impairment. Depreciation is charged to write off the cost of assets together with any cost directly attributable with bringing the asset into use, less estimated residual value, on a straight-line basis over their estimated useful lives in accordance with the table below: \n \n Plant and machinery 5-15 years on a straight-line basis \n Fixtures, fittings, and equipment 3-7 years on a straight-line basis \n Computer equipment 3-5 years on a straight-line basis \n Improvements to short leasehold property 5-10 years on a straight-line basis \n \n The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the statement of comprehensive income. \n \n The residual values and useful economic lives of property, plant and equipment are reviewed annually. \n \n \n \n \n \n Intangible assets \n \n \n All intangible assets are stated at cost less accumulated amortisation and any accumulated impairment losses. \n \n Goodwill \n \n Goodwill arose upon the acquisition of Phillips Aerospace made on 6 September 2023, which was defined as a single cash generating unit (CGU). The assets acquired are not capable of individually generating revenue on their own, so they are deemed combined within the business as a whole to generate revenue, and therefore the business (Phillips Aerospace) is defined as a single CGU. \n \n The goodwill is the amount attributable to the excess of consideration over the fair value of the net assets acquired, including expected synergies, future growth, critical accreditations, and technical knowledge of the employee, and is recorded in accordance with IFRS 3, 'Business Combinations'. \n \n Goodwill is reviewed and tested annually for impairment. \n \n Research costs \n \n Research costs are charged directly to administrative expense in the statement of comprehensive income as incurred. \n \n Development costs \n \n Development costs are capitalised as intangible assets if the asset can be separately identified; it is in the control of the Group; future economic benefits will accrue to Group; it is technically feasible; the Group has adequate resources to complete the development of the asset; and the costs can be reliably determined. \n \n Capitalised development costs comprise all directly attributable costs necessary to create, produce and prepare the asset to be capable of operating in the manner intended by management, including development-related overheads. Amortisation commences upon completion of the development or when the asset becomes available for commercial production. Capitalised development costs are amortised on a straight-line basis, over the estimated product life which is generally five to seven years. The asset will be reviewed annually for indicators of impairment and whenever indicators suggest that the carrying amount may not be recovered throughout the period in which it is being used, the asset will be subject to a full impairment review. All intangible assets, including those not yet available for use, will be reviewed for indicators of impairment. \n \n \n \n \n \n \n \n \n All other development costs are recorded under administrative expense in the statement of comprehensive income in the period they are incurred. The following table shows products with a NBV of £500k or more: \n \n \n \n \n \n \n \n \n \n Product \n \n \n NBV \n \n \n Remaining Amortisation Period \n \n \n \n \n Board A \n \n \n 2,509,122 \n \n \n 84 months \n \n \n \n \n Board B \n \n \n 1,372,992 \n \n \n 84 months \n \n \n \n \n Board C \n \n \n 1,079,818 \n \n \n 84 months \n \n \n \n \n Board D \n \n \n 745,697 \n \n \n 84 months \n \n \n \n \n \n \n \n \n \n \n \n \n Customer relationships \n \n Customer relationships were acquired as part of the acquisition of Phillips Aerospace on 6 September 2023 and have applied an income approach valuation using the multi period excess earning method with a useful economic life of 10 years. \n \n Other intangible assets \n \n Intangible assets purchased separately, such as software licences that do not form an integral part of hardware, are capitalised at cost and amortised over their useful lives of three to seven years. \n \n The carrying values of intangible assets with finite lives are reviewed for impairment when events or changes in circumstance indicate the carrying value may be impaired. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of impairment loss. \n \n The recoverable amount of the asset will be used as for all other intangible assets (e.g. backlog and pipeline opportunities), except where the asset does not generate independent cashflows i.e. additional software packages sold as an add-on to a board. \n \n \n \n \n \n \n \n \n \n \n Impairment of property, plant and equipment, and intangible assets \n \n \n At each statement of financial position date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss. \n \n Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows (using both backlog and weighted pipeline) are discounted (10.2% rate used) to their present value. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is immediately recognised as an expense in the statement of comprehensive income. \n \n Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as a credit to expenses immediately. \n \n \n \n \n \n Taxation \n \n \n Current tax is the tax currently payable based on taxable profit for the year. Current tax for current and prior periods shall, to the extent unpaid, be recognised as a liability. If the amount already paid in respect of current and prior periods exceeds the amount due for those periods, the excess shall be recognised as an asset. \n \n The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income, or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. \n \n The Group takes advantage of the Small & Medium Enterprise tax scheme in respect of R&D tax credits. These are included in the taxation line and are accounted for on a receivable basis. This means that the Group applies certain assumptions based on previous R&D claims and any changes to the business and applicable legislation to record a credit through profit or loss and an associated receivable on the statement of financial position in the accounting period in question. \n \n Deferred income taxes are calculated using the liability method on temporary differences. Deferred tax is generally provided on the difference between the carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial recognition of goodwill, nor on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting profit. Deferred tax on temporary differences associated with shares in subsidiaries is not provided if reversal of these temporary differences can be controlled by the group and it is probable that reversal will not occur in the foreseeable future. In addition, tax losses available to be carried forward as well as other income ...
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