Concurrent Technologies Plc - Results for the year ended 31 December 2018
· Revenue for the year increased to £16.6m (2017: £16.2m)
· Gross profit was £8.7m (2017: £9.0m)
· Gross margin was 52.2% (2017: 55.4%)
· EBITDA increased by 5.8% to £4.6m (2017: £4.4m)
· Profit before tax was £3.0m (2017: £3.0m)
· Profit after tax increased to £3.0m (2017: £2.8)
· Dividend increased by 4.5% to 2.30 pence per share for the year (2017: 2.20 pence)
· Cash in business plus deposits was robust at £7.7m (2017: £8.4m)
· During 2018, the Group introduced several new high performance embedded computer boards and accessory modules. These included products based on the 8th generation Intel®Xeon® processor for use in VME, CompactPCI® and OpenVPX™ architectures. As required by many applications, these new products offer support for enhanced security features and most are suitable for both commercial and harsh environments.
· Support for additional 3rd party software and hardware products and systems was announced to broaden the Group's product range.
· The Group's UK manufacturing line was updated through the addition of a new pick-and-place machine providing additional production capacity and capability.
Michael Collins, Chairman of Concurrent Technologies Plc, commented:
"The new fiscal year of 2019 has started with a very strong order book giving the Board confidence in the Group's performance for the first half of 2019 and for the year as a whole. New and existing customers continue to require increasing levels of processing performance and additional product features including, in particular, increased security capabilities and encrypted storage.
The Group has and will continue to invest in experienced technical personnel and it is currently recruiting additional senior staff into newly created roles to help broaden its expertise of new technologies and methodologies required for continued growth. This investment will ensure that the Group has the capabilities to design the products required for next generation projects. By investing in new skills and expertise, the Group will be able to support our existing customer base with viable upgrade paths, while also providing products suitable for new applications such as Artificial Intelligence and Deep Learning within the vision and surveillance markets, among others."