23rd Apr 2020 15:54
(Alliance News) - Concurrent Technologies PLC on Thursday reported a surge in its annual earnings and announced an increase to its dividend payout.
Shares in the computer boards manufacturer were trading 7.5% higher at 101.00 pence each on Thursday afternoon in London.
Concurrent Technologies said pretax profit for 2019 was up 37% at GBP4.1 million versus GBP3.0 million reported for 2018. This was on the back of a 17% rise in revenue to GBP19.4 million from GBP16.6 million.
Pretax profit for the year included exceptional income of GBP1.0 million. Gross margin was up to 53% from 52%.
The total dividend payout for 2019 was 2.50p per share, up from 2.30p the year prior.
Looking ahead, Concurrent said that the Covid-19 outbreak has not hurt its manufacturing operations. It added that its supply chains - particularly for items originating from Asia - have remained secure but noted longer lead times for some items.
The Colchester-based company said it started 2020 with a strong order book and expressed confidence in delivering a "solid performance" for 2020. It added that it will continue to invest in R&D to expand its range of advanced technology products, as well as increase its range of development systems, using both its own products and complementary products from third-party partners.
"The board sees many opportunities to grow the business organically into new market areas by widening our product ranges and further developing relationships with key hardware and software partners. We continue to look for worldwide acquisition opportunities which may present themselves in the present uncertain climate," said Chair Michael Collins.
By Ife Taiwo; [email protected]
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