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Highlights

  • Revenue surges 27% to £40.3 million, with profit before tax up 40%.

  • EBITDA rises to £7.8 million; net cash position increases to £13.7 million.

  • Major partnerships, product launches, and US market expansion boost long-term growth outlook.

Concurrent Technologies Plc (LSE:CNC), a leading provider of high-performance computing solutions for mission-critical applications, has reported a record financial performance for the year ended 31 December 2024. Revenue climbed to £40.3 million, representing a 27% increase compared to the previous year, driven by demand across its product lines and new systems offerings.

Profit before tax rose approximately 40% to £5.2 million, despite a planned investment of £1.1 million in its expanding Systems business. EBITDA also saw significant growth, increasing by 30% to £7.8 million from £6.0 million in FY23.

The company maintained a robust gross profit margin of 49.5% (FY23: 48.4%), with gross profit rising to £20 million from £15.6 million. Concurrent Technologies ended the year with a healthy net cash balance of £13.7 million, up from £11.1 million, even after absorbing a one-off £3.5 million investment in inventory during the first half of the year.

The Board announced its intention to propose a final dividend of 1.1 pence per Ordinary Share, an increase from 1.0 pence last year, with payment scheduled for 4 July 2025, subject to shareholder approval at the AGM on 12 June 2025.

Operational Milestones and Innovation

FY24 marked a year of significant operational achievements. The company launched multiple new products, including the Rhea platform for existing and new VME customers and Hermod II, showcasing its ambition and technical innovation in the Systems division. These launches underscore the impact of the company’s ongoing investment in R&D aimed at accelerating product development and improving time to market.

Structurally, the Group has now been aligned into two business units — Products and Systems — to support its long-term growth strategy. Partnerships with key players such as Parry Labs, Eizo Rugged, and a prominent US-based defence contractor.

Concurrent also refreshed its brand and unveiled a new website, designed to align more closely with its forward-looking vision and growth aspirations.

Post-Year Strategic Progress

Following the reporting period, Concurrent received a notable £3.4 million order for its VME-based 6U computer boards from a loyal European client. The company also launched Kratos, one of the market’s most powerful rugged plug-in cards, built using Intel’s cutting-edge 6516P-B processor, which it accessed six months ahead of competitors.

Another milestone was its commencement of trading on the OTCQX® Best Market in the US, expanding its reach to American investors and partners. Domestically, the company secured a 20-year lease for a new headquarters and manufacturing facility in Colchester and is planning a manufacturing expansion in the US in FY25 to meet rising demand.