14th Apr 2025 11:32
(Alliance News) - Concurrent Technologies PLC on Monday said profit grew nearly 50% during 2024, and expects to post 2025 earnings in line with current market expectations.
The Colchester, England-based designer and manufacturer of computer products for use in critical embedded applications said pretax profit for 2024 rose 49% to GBP5.2 million from GBP3.5 million.
This followed a planned GBP1.1 million investment in its Systems business, Concurrent noted.
Revenue grew 27% to GBP40.3 million from GBP31.7 million, while cost of sales also increased 27% to GBP20.3 million from GBP16.0 million. Administrative expenses were up 23% to GBP14.8 million from GBP12.0 million.
Concurrent proposes a final dividend of 1.1 pence per share, up 10% on-year from 1.0p.
"[2024] has been another transformative year for Concurrent in which we delivered a robust financial performance, demonstrating the success of our refreshed strategy. Our focus on delivering industry-leading solutions at pace and investing in both our Products and Systems business units, position us well for long-term growth," said Chief Executive Officer Miles Adcock.
"2025 has started strongly in terms of both output and winning. Notwithstanding the significant uncertainty created by new tariffs, we currently expect to deliver results for [2025] in line with market expectations."
Broker Cavendish forecast 2025 revenue of GBP43.0 million for Concurrent, which would be a 6.7% growth from 2024.
Shares in Concurrent Technologies were up 7.8% at 161.70 pence in London on Monday morning. The stock has risen 86% over the past year.
By Emily Parsons, Alliance News reporter
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