Concurrent Technologies Plc, a designer and manufacturer of leading-edge computer products, systems, and mission-critical solutions, released its financial results for the year ended December 31, 2024. The company reported record financial performance with a 27% increase in revenue to £40.3 million and a 40% rise in profit before tax to £5.2 million. The gross profit increased by 28% to £20 million, reflecting the significant revenue growth, while the gross profit margin remained strong at 49.5%. EBITDA also increased by 30% to £7.8 million. The company ended the year with a healthy cash balance of £13.7 million, despite a one-off exceptional investment in inventory. The Board proposed a final dividend of 1.1 pence per share, reflecting the improved performance.
In terms of operational highlights, Concurrent Technologies continued to invest in R&D, leading to several new product launches, including Rhea and Hermod II. The company secured new partnerships with Parry Labs, Eizo Rugged, and a fast-growing defense prime contractor in the US, strengthening its position in the defense sector. The company also launched a new website and updated its branding to better reflect its vision and ambitions.
The companys performance was driven by its two business units: Products and Systems. The Products business unit secured 22 design wins, including 10 major wins, and invested in machinery and equipment to enhance manufacturing efficiency. The Systems business unit saw significant investment, with performance in line with expectations, and the integration of Phillips Aerospace into the non-US Systems business. The Systems business unit also secured a significant $3.7 million design win contract in Asia, a new market.
Post-period end, Concurrent Technologies received a £3.4 million order for its VME-based 6U computer boards and launched Kratos, a powerful rugged plug-in card built on Intels latest processor. The company also commenced trading on the OTCQX Best Market in the US and agreed to a 20-year lease for a new property for its Colchester-based headquarters and manufacturing capabilities.
Looking forward, Concurrent Technologies expects continued momentum across its business units and anticipates trading for the full year to be in line with market expectations. The company aims to navigate evolving tariff arrangements and monitor their impact on its programs and markets.