Concurrent Tech 2017 Revenue Falls, But Profit Rises On Higher Margins

4th Apr 2018 12:44

LONDON (Alliance News) - Concurrent Technologies PLC on Wednesday said that better margins helped it deliver a rise in pretax profit for the year, despite a decline in revenue.

The electronics manufacturer reported pretax profit of GBP3.0 million for 2017, slightly higher than GBP2.9 million the prior year, helped by improved margin of 55.4% compared to 54.2% in 2016.

Concurrent Tech declared a second interim dividend of 1.30 pence per share, taking its total dividend for the year to 2.20p, up 5.0% from 2.10p paid the year earlier.

Revenue slipped, however, to GBP16.2 million from GBP16.4 million year-on-year.

Looking ahead, the group said that it expects potential research and development investments to expand its technology product range. Hence, it will be recruiting additional engineers to the UK, India and the US teams.

"The future outlook for the group continues to be encouraging as both new and existing customers increasingly require more sophisticated boards and solutions," said Concurrent Tech Chairman Michael Collins. "Sales and new opportunities arising this year have been encouraging and the group's current healthy order book gives the board confidence in the group's performance for the full year."

The stock was trading 6.1% lower at 78.45 pence per share on Wednesday.

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