London-based computer systems and boards manufacturer, Concurrent Technologies, has reported a significant increase in first-half revenue and pretax profit, surpassing market expectations. As a result, the company’s share prices saw a surge of 11% to 63.50 pence at 0707 GMT.
During the first half of the year, Concurrent Technologies expects to report revenue of approximately £12 million, compared to £7.4 million in the same period in 2022. Furthermore, pretax profit is anticipated to reach £1 million, a substantial improvement from £100,000 in the previous year.
The company attributes its success to strong order intake, amounting to £14.5 million in the first half, and an order backlog of approximately £29 million as of June 30.
While supply chains have not fully returned to normal yet, there have been noticeable improvements. As components become more readily available, Concurrent Technologies anticipates a period of growth.
Looking ahead to the second half of the year, the company expects further improvement in revenue compared to its record-breaking first-half results. Consequently, it foresees full-year revenue slightly exceeding market consensus expectations of £25 million, with pretax profit significantly surpassing market views of £2.7 million.
Chief Executive Miles Adcock expressed confidence in the company’s future potential, stating, “Following a period of ongoing transformation, this business now has the capability, capacity, and ambition to deliver sustained growth.”