Concurrent Technologies shares jump after defence manufacturer sees higher UK demand
Shares in computer product manufacturer Concurrent Technologies jumped over five per cent this morning after it posted strong trading for the full year 2023.
Concurrent, whose products are used in the defence, aerospace and telecoms sectors, reported revenue of £31.7m, up 73 per cent from 2022, and profit before tax of £3.7m, up 959 per cent from the previous year’s £0.4m.
It said £5m of orders came from the UK, a five-fold increase on previous typical sales volumes.
In the year ended December 2023, Concurrent’s earnings before interest, tax, deprecation and amortisation (EBITDA) more than doubled to £6m from £2.1m in 2022.
The AIM-listed stock has soared over 45 per cent over the past year as the company has made several strategic wins.
Last June, it secured a contract worth £1.27m with a UK FTSE 250 company in the defence sector. While, in the US, Concurrent bought Phillips Aerospace, which the company said allows it to move further into the development of systems.
Miles Adcock, chief executive of Concurrent, said: “We achieved remarkable success in full-year 2023, putting in place the building blocks that will enable us to deliver long-term, sustainable growth. This is driven by significant design-in wins and strategic investment in the Systems division, including the acquisition of Phillips Aerospace.
“During the year, there was a step change in how the Group invests in marketing, sales, and partnerships to expand our market opportunities.
“Looking ahead, we will remain focused on leveraging the knowledge and the long-standing relationships the leadership team has developed to invest in a measured way to design boards and systems for a range of applications.
“As a Board we are confident in the Group’s ability to continue building momentum and deliver results for full-year 2024 in line with market expectations,” he added.
Concurrent said trading in the first four months of the year is in line with market expectations as demand for its computer solutions for military vehicles, trains and planes has remained high.