Interim Results

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain. The person responsible for releasing this announcement on behalf of the Company is Kim Garrod, Chief Financial Officer.

7 September 2026

Concurrent Technologies Plc

(the "Company" or the "Group")

Half year results for the six months to 30 June 2026

Solid first-half performance with strong order momentum, underpinning confidence in exceeding market expectations for FY26

Concurrent Technologies Plc (AIM: CNC), a designer and manufacturer of leading-edge computer products, systems, and mission-critical solutions used in high-performance markets by some of the world's major OEMs, is pleased to announce its results for the six months to 30 June 2026 ("H1 2026").

Financial highlights

Operational highlights

Outlook

Miles Adcock, CEO of Concurrent Technologies, commented: "We have delivered another record first half, reflecting the continued execution of our strategy and the strength of demand for our high-performance computing solutions. For several years we have focussed on developing deep and long-term relationships with customers, underpinned by early to market products that get designed into our customer's programmes. This gives us long term revenue visibility, with the success of this approach reflected in our order intake. Year to date, order intake has exceeded £68m, with a further four months of the year still to go. 

"The progress of our Systems business is particularly encouraging, which delivered a profitable first half and I anticipate strong year on year progress in all aspects. The acquisition of Phillips Aerospace in September 2023 and our subsequent investment therein was a catalyst for our start-up Systems business, and I now consider that fully mobilised. Our strategic focus is on organic and inorganic capability expansion as we service increasingly complex mission-critical applications for our customers.

"Timing of orders can vary, and operationally we anticipate an exceptionally busy fourth quarter due to most of our orders being received towards the end of the first half. This highlights the importance and timeliness of our capacity expansion in Colchester."

"We have entered the second half with a significant back log, opportunity pipeline momentum and, therefore, the Board is confident in delivering a financial performance ahead of FY26 market expectations."

*In so far as the Board is aware, as at 6 September 2026, based on published analyst forecasts consensus market expectations for FY26 are revenues of £52m and profit before tax of £8m.

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Concurrent Technologies Plc

Concurrent Technologies Plc develops and manufactures high-end embedded Plug In Cards (PICs) and Systems for use in a wide range of high-performance, long-life cycle applications within the telecommunications, defence, security, telemetry, scientific and aerospace markets, including applications within extremely harsh environments. The processor products feature Intel® processors, including the latest generation embedded Intel® Core™ processors, Intel® Xeon® and Intel Atom™ processors. The products are designed to be compliant with industry specifications and support many of today's leading embedded Operating Systems. The products are sold world-wide.

For more information on Concurrent Technologies Plc and its products please visit www.gocct.com.

CEO Statement

Concurrent delivered another strong first half, with record revenue, profit before tax and order intake reflecting continued execution of our growth strategy and sustained demand for our high-performance computing solutions across defence, aerospace and industrial markets.

Alongside the strong financial performance, we have continued to strengthen the quality and visibility of future revenues. Earlier design wins are increasingly converting into production programmes, we continue to secure significant long-term contracts across both Products and Systems, and our order book has developed to a point where, for the first time, we are planning manufacturing requirements well into the next financial year. This represents an important milestone in the evolution of the business and provides us with increased confidence in our future growth prospects.

We are delivering across all elements of our growth strategy, accelerating market entry through innovative products, expanding our Systems capabilities and selectively pursuing acquisitions. Together, these initiatives are broadening our addressable markets and strengthening our position across the value chain.

Financial performance and order momentum

Revenue for H1 2026 increased by 10% to £23.2m (H1 2025: £21.1m), while profit before tax increased by 19% to approximately £3.2m (H1 2025: £2.7m).

Order intake was particularly strong, increasing by 110% to £46.9m (H1 2025: £22.3m), driven by demand across our key geographies and end markets. This included the Group's largest single contract to date at c.£17m with a long-standing European customer, for the supply of three variants of an established VME-based computer board. It covers existing customer demand, spares and anticipated future demand for the next four years, enhancing revenue visibility for the Company and strengthens our customer relationships. Importantly, excluding this award, order intake nevertheless exceeded any previous first-half period and equalled to the whole of FY25, demonstrating the breadth of demand across the Group and providing increased visibility into the second half.

The Group enters the second half with a substantially stronger backlog than at the same point last year, providing improved revenue visibility and supporting production planning into FY27.

Commercial Progress

A defining feature of Concurrent's business model is the long-term nature of customer programmes. A typical design win generates purchase orders two to three years after the initial award and can deliver revenues over a programme lifecycle of seven to ten years. As a result, design wins are an important indicator of future revenue potential and the long-term growth runway for the business.

During the period, we secured further design wins with an estimated lifetime value of approximately £129m, while continuing to convert earlier design wins into production orders. The c.£17m European programme secured during the period and the $9.4m US defence production order announced after the period end demonstrate this progression. As announced at the time of the $9.4m order in July, the $3.2m component commitment was conditional on further customer funding. We are pleased to report that this commitment is now secured, bringing the full $9.4m order into firm commitment.

As the proportion of long-term production programmes within the business continues to increase, so too does the visibility of future revenues. This provides greater confidence in future performance and further validates the investments made across the Group over recent years.

Building capability

Products

The Products business continues to perform strongly, supported by ongoing demand from our customers and reflecting our 40-year heritage, long-term customer relationships and the investment we have made to accelerate product development to deliver them leading computing solutions.

Following a more modest first quarter, order momentum improved through the second quarter, providing increased visibility heading into the second half. Customers continue to value Concurrent's ability to deliver reliable, high-performance technology solutions with long operational lifecycles, particularly in applications where performance, resilience and availability are critical.

We continued to invest in our technology roadmap, expanding our portfolio with five new product introductions designed to address evolving customer requirements across defence, aerospace and industrial markets. Innovation remains central to our strategy, and we continue to invest in the technologies that underpin long-term customer programmes.

Systems

The Systems business has continued to make excellent progress and importantly delivered its first profitable first half period.

The business secured $8m of orders during the period and continues to demonstrate the value of combining Concurrent's established computing expertise with enhanced system-level capability. This enables the Group to support customers with increasingly complete mission-critical solutions and strengthens our position higher up the value chain.

The progress made by Systems reflects the successful integration of Phillips Aerospace, acquired in 2023, and further investments made in this division since then. Systems has significant long-term potential and is expected to become an increasingly material contributor to Group performance over the medium term.

Operational capability and supply chain resilience

As the Group continues to grow, ensuring we have the operational capacity and supply chain resilience to support customer demand remains a priority.

The additional capacity at our expanded Colchester manufacturing facility is now installed and expected to ramp up during H2, providing the capability to support increasing customer demand and future programme growth. Facility upgrades to the existing building and the newly leased office accommodation next door will complete in October 2026.

Industry-wide supply chain conditions have become more challenging, with longer lead times and allocation affecting a number of key components. We have continued to proactively manage these developments through forward purchasing, supplier engagement and close collaboration with customers. These actions have enabled us to secure critical DRAM requirements to the end of 2027 and mitigate processor lifecycle changes, supporting continuity across long-term customer programmes. These actions ensure we remain well positioned to meet customer demand while maintaining the reliability and quality for which Concurrent is recognised. Further challenges we are managing include one off recruitment and employment costs, and profit recognition phasing through the life of some of our larger contracts.

People

During the period, we announced that Kim Garrod will retire from her role as Chief Financial Officer and step down from the Board at the end of 2026. Kim has made a significant contribution to Concurrent over the past four years, providing disciplined financial leadership and supporting the execution of the Group's strategy, including the successful acquisition and integration of Phillips Aerospace and the strengthening of our financial foundations as the business has grown.

We were delighted to announce the appointment of Emma Ciechan as Chief Financial Officer and Executive Director, who joins us in October. Emma brings extensive experience across international manufacturing businesses, strategic finance, capital allocation and transformation. Her background will be highly valuable as Concurrent continues to scale and execute its long-term growth strategy.

Concurrent's leadership team is evolving. In addition to an incoming new CFO, our HR lead will be taking maternity leave with interim cover by an experienced leader. After several months of excellent work, Jon Jayal has left the business due to personal commitments and is succeeded by an internal candidate that has developed very well during the handover period. All of these changes create opportunity for new energy and ideas as we shape a team which is more than capable of executing our strategy.

Outlook

Concurrent enters the second half with a strong order book, which has exceeded £68m year to date, increasing backlog and a healthy pipeline of opportunities. While supply chain conditions remain challenging across the industry, we have taken proactive steps to secure critical components and support customer requirements. Timing of orders can vary, and operationally we anticipate an exceptionally busy fourth quarter due to most of our orders being received towards the end of the first half. This highlights the importance and timeliness of our capacity expansion in Colchester. Other challenges being managed include one off recruitment and employment costs, and profit recognition phasing through the life of some of our larger contracts.

The continued conversion of design wins into production programmes, together with the significant multi-year contracts secured during the first half, has strengthened visibility of future revenues. Importantly, the Group is now planning production requirements into FY27, supported by orders already secured. This represents a significant improvement in forward visibility compared with previous years.

Against this backdrop, the Board is confident in delivering a financial performance ahead of FY26 market expectations, with revenue materially ahead and profit ahead, principally reflecting the phasing of profit recognition on a record contract win, as described further in the CFO Statement.

Miles Adcock

Chief Executive Officer

CFO Statement

Financial review

The Group delivered another excellent performance in H1 2026, underpinned by continued strategic execution and a clear focus on growth. Strong commercial momentum across both business units, combined with disciplined investment, continues to translate into robust financial delivery for the Group.

The Group delivered exceptional order momentum, with order intake increasing 110% to £46.9m (H1 2025: £22.3m), demonstrating continued demand across the Group's key markets and providing increased visibility into future revenue opportunities. Order intake was second quarter weighted, so despite delivering strong growth in the P&L, the revenue was stinted by a slower than anticipated order intake. We expect revenue to be stronger in the second half of FY26, but remain cognisant of proactively managing growing commercial challenges, including DRAM / Memory, component lead times and the completion of our expanded Colchester manufacturing facility.

The Systems business had a strong half, resulting in achieving profitability for the first time since we acquired Phillips Aerospace in September 2023.

Revenue & Orders

Revenue continues to grow strongly, with Group revenue increasing by 10% to £23.2m (H1 2025: £21.1m).

The Products business delivered 10.6% revenue growth and the Systems business delivered a 7% increase in the half. Both businesses will be second half weighted due to slower than anticipated order conversion at the start of the year, which has since accelerated and we anticipate an overall stronger second half performance.

Orders were exceptional at £46.9m, (of which £6.2m was in Systems) representing a book to bill of c.2x. The order volume provides the business with greater visibility of future revenue, particularly as we start to contract further multi-year orders. This strong performance has continued into H2, demonstrated by the $9.4m order from a major US defence prime contractor announced post-period end.

Profitability

Gross margin remained strong across the Group at c.51%, (H1 2025: 51%) with Systems strengthening to 26.3% (H1 2025: 13.3%), reflecting a more favourable revenue mix, with a greater proportion of higher-margin Production revenue. Operating profit (Profit before interest, tax and exceptionals) increased by 1.7 percentage points up to 14.4% (H1 2025: 12.7%). This improvement was predominantly driven by the swing in our Systems performance from a loss in H1 2025 (-£0.5m) to a profit (£0.4m) in H1 2026, driven by revenue mix and the benefit of the previously completed investment in people and infrastructure to scale the business.

We continue to invest appropriately in our products and people, with capitalised product development at £2.9m in H1 2026 (H1 2025: £1.8m), reflecting a number of larger and more complex product development programmes during FY26.

Profitability remains a balance between investment and growth as we continue to execute our strategy. However, these results show we are continuing to increase the efficiency and effectiveness of the business, with increased operating profit and profit margin (as above) and EBITDA at £4.8m, a 20% increase on H1 2025 at £4.0m, whilst generating significant growth.

Cash

Cash remains strong at £9.7m (H1 2025: £7.8m) an increase of c.24% year on year. During the period, we made significant investment in the development of our new facility in Colchester and our new manufacturing line, now completed, with expenditure of c.£3.0m incurred in H1 2026 and a further c.£2.5m incurred in H2 2026.

Operating cash conversion improved significantly in H1 2026, with operating cash flow of at £1.8m compared to the prior period (H1 2025: -£2.2m). Trade receivables and liabilities both grew significantly, driven largely by one contract with a £6.7m receivable (paid early in H2) driving a £6.7m liability for contract delivery (as revenue is to be recognised later in the contract). Inventory increased by c.£0.9m to £12.6m (H1 2025: £11.7m), reflecting increased purchases of key supply-constrained components, including memory, alongside general component price inflation and the growth of the business.

Outlook

The Board is confident in delivering FY26 revenue materially ahead of market expectations. Profit for FY26 is expected to be ahead of market expectations. This is predominantly due to the phasing of revenue and profit recognition associated with the c. £17 million contract win announced on 11 June 2026 as well as some material one-off, people related costs in the year. Revenue associated with the c.£17 million order is expected to be recognised progressively over the four-year duration of the order, with a significant proportion expected to be recognised in FY26. The revenue to be recognised in FY26 will be at a lower gross margin, with gross margins then increasing for the remaining period of the contract. As a result, there is expected to be a H2 2026 lowering of the gross margin percentage of the business in FY26.

Kim Garrod

Chief Financial Officer

Notes to the financial statements

1. General information

The principal activity of the Group is design, manufacture and supply of innovative high-end embedded single board computers and complementary accessories aimed at a wide base of customers within the defence & aerospace, telecommunications, medical and other markets.

Concurrent Technologies PLC ("the Company") is the Group's ultimate parent company. It is incorporated and domiciled in Great Britain. Concurrent Technologies PLC shares are listed on the Alternative Investment Market of the London Stock Exchange.

The Group's condensed consolidated interim financial statements are presented in pounds sterling (£), which is also the functional currency of the parent company.

These condensed consolidated interim financial statements, which are unaudited, have been approved for issue by the Board of Directors on 7 September 2026.

The information relating to the six months ended 30 June 2026 is unaudited and does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2025, prepared in accordance with IFRSs (International Financial Reporting Standards) as adopted by the European Union, have been reported on by the Group's auditors and delivered to the Registrar of Companies. 

2. Summary of significant accounting policies

2.1 Basis of preparation

These condensed consolidated interim financial statements are for the six months period ended 30 June 2026. They have been prepared in accordance with IAS 34 "Interim Financial Reporting". They do not include all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2025, which have been prepared in accordance with adopted IFRSs.

The accounting policies applied, and methods of computation are consistent with those of the annual financial statements for the year end 31 December 2025, as described in those financial statements. The accounting policies have been consistently applied to all the periods presented.

There are no new IFRSs or IFRIC interpretations that are effective for the first time for the financial period beginning on or after 1 January 2026 that would be expected to have a material impact on the results or financial position of the Group.

2.2 Going Concern

The Directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, the continue to adopt the going concern basis in preparing these condensed financial statements.

2.3 Taxation

Current tax expense is recognised in these condensed consolidated interim financial statements based on the estimated effective tax rates for the full year.

3. Segmental reporting

The Directors consider that the Group is engaged in a single segment of business, being design, manufacture of high-end embedded computer products and that therefore, the Company has only a single operating segment. The key measure of performance used by the Board to assess the Group's performance is the Group's profit before tax, as calculated under IFRS, and therefore no reconciliation is required between the measure of profit or loss used by the Board and that contained in the condensed consolidated interim financial statements.

4. Earnings per share

Basic earnings per share is calculated by dividing the profit attributable to ordinary equity holders for the period by the weighted average number of ordinary shares outstanding during the period.

Diluted earnings per share is calculated adjusting the weighted average number of ordinary shares outstanding to assume conversion of all contracted dilutive potential ordinary shares. The Company only has one category of dilutive potential ordinary shares, namely share options.

The inputs to earnings per share calculation are shown below:

5. Shareholder Communication

A copy of these condensed interim financial statements is available from the Company's Registered office at:

4 Gilberd Court,

Newcomen Way,

Colchester,

Essex, UK

CO4 9WN

They are also available from the Company's website at www.gocct.com.