10th Sep 2019 11:19
(Alliance News) - Concurrent Technologies PLC on Tuesday said revenue and profit rose in the first half of 2019 after sales increased across all its sectors.
In the six months to June 30, revenue climbed by 21% year-on-year to GBP9.5 million from GBP7.9 million.
Pretax profit more than doubled to GBP2.7 million from GBP1.1 million, helped by the revenue increase and by the GBP1.0 million proceeds from a "key man" insurance policy, Concurrent said.
Glen Fawcett, Concurrent's long-serving managing director, died suddenly in May. He was replaced by Commercial Director Jane Annear.
The computer boards manufacturer also raised its interim dividend by 11% to 1.05 pence per share from 0.95p.
By sector, the company defence business remains its largest, contributing 58% of the revenue in the year so far. Revenue from its telecommunications sector grew by a third during the interim period, Concurrent said.
Chair Michael Collins said: "The operational performance during the first half of the year has been strong with excellent sales, good cost control and successful recruitment into the senior management team.
"Whilst the turnover of the first half may not reach the same level in the second half, the increased order intake has resulted in a new record order book, the majority of which is expected to ship within the next 12 months. As such, the board is confident that the company will deliver a successful performance for the full financial year."
Shares in Concurrent were 8.7% higher at 68.50p each in London on Tuesday morning.
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