RNS Number:5126F
Concurrent Technologies PLC
14 February 2000
Concurrent Technologies Plc
Preliminary Results Announcement
Placing of 2,000,000 Ordinary Shares @ 50p
Concurrent Technologies Plc, which designs, produces and markets
single board computers based on systems of expanding computer
processing power known as Multibus II and VME, announces its
Preliminary Results for the year ended 31 December 1999 and a
Placing of 2,000,000 new Ordinary Shares @ 50p per share to raise
#1 million, gross. In addition, certain Directors and Related
Parties are today selling a total of 1,520,000 Ordinary Shares @
50p per share to meet market demand. Following the sale Directors
and Related Parties will hold 12,729,002 Ordinary Shares, equating
to 17.7% of the issued share capital.
* Group turnover #5.55 million (1998: #3.69 million)
* Pre-tax profit #177,065 (1998: Loss #383,919)
* Earnings per Share 0.23p (1998: Loss 0.61p)
* H2 pre-tax profit #508,701
* Placing to fund further investment in enhanced production
facilities
* Year 2000 sales budget in excess of #10 million
* Sales trend in 1999 H2 continuing
Michael Collins, Chairman, commented:
'The Board has now approved a sales budget for 2000 in excess of
#10,000,000 and I am very confident that we will achieve this.
'Sales enquiries and orders for our VME and CompactPCI boards have
continued at a very healthy rate, especially following the
introduction of our new low-power single slot Pentium III
products. Based on our current order book, and customer forecasts
and commitments, current indications are that the sales trend
established in the second half of 1999 is continuing into the
current year.'
14 February 2000
Enquiries:
Concurrent Technologies Plc Tel.No.01206 752626
Glen Fawcett, Managing Director
College Hill Tel.No.0171 457 2020
Michael Padley / Nicholas Nelson
CHAIRMAN'S STATEMENT
Financial
In the full year to 31st December 1999 the group turnover was
#5,547,633. In the second half of the year turnover was
#3,633,374 which compared with #1,914,259 in the first half. For
the full year group profit before tax was #177,065 (1998 #383,918
loss) which means that in the second half of the year the group
achieved more than #500,000 profit before tax, in line with
expectations.
The balance sheet of the Group continues to strengthen with net
current assets increasing to over #3,000,000 and total
shareholders funds to #3,444,360.
The Placing to raise #1 million, gross, will provide the Company
with additional working capital.
Production
In response to market requirements and the needs of existing and
potential customers, we are taking steps to reduce our lead times
for delivery. I indicated in the interim statement in October
1999 that we intended to install additional production equipment
this year to meet increased demand. We now intend to accelerate
the programme and this will enable us to handle more volume and
deliver quicker. Once the new equipment has been installed we will
have production capacity to fulfil orders of about #20,000,000 per
annum. This will also ensure that our production equipment is
specified to meet the requirement of the latest component
technologies. We also intend to hold larger stocks of certain
components in order to bring the start of the production process
forward.
Sales
The Board has now approved a sales budget for 2000 in excess of
#10,000,000 and I am very confident that we will achieve this. We
still expect Multibus II to dominate our sales in 2000 and to sell
more Multibus II boards this year than ever before as we have a
number of customers ordering substantial quantities of boards on a
regular basis for systems which we believe will continue to be
required for several years to come. Additionally, we continue to
increase our Multibus II business as new customers migrate to our
higher performance Pentium II products.
Sales enquiries and orders for our VME and CompactPCI boards have
continued at a very healthy rate, especially following the
introduction of our new low-power single slot Pentium III
products.
Based on our current order book, and customer forecasts and
commitments, current indications are that the sales trend
established in the second half of 1999 is continuing into the
current year.
Marketability of the Shares of the Company
Since my report dated 13th October 1999 when I said that we would
be considering stepping up to the full Stock Exchange list and
TechMARK, the marketability and share dealing activity in our
shares which are listed on AIM has increased dramatically, as
indeed has the listed share price. In these circumstances your
Board has no present intention of making a change but we will keep
the situation under review.
Dividends
Your Board does not propose to recommend the payment of a dividend
in respect of the 1999 financial results.
Deferred Shares
We intend to proceed now with the purchase of the outstanding
Deferred Shares. They are virtually worthless so we plan to
purchase them for #0.00001 per share. A resolution to approve
this is included in the Notice convening the Annual General
Meeting this year. As last year your Directors will seek your
permission to allot Ordinary Shares up to a maximum of 5% of the
existing issued Ordinary Share capital of the Company.
Crest
Finally I am able to tell you that the Board has resolved to join
CREST, the computerised system for settling sales and purchases of
shares. Our application to join CREST has been made and
shareholders are expected, if they wish, to be able to become
members. A formal notice and an explanatory leaflet will be
enclosed with the Annual Report.
Michael Collins
Chairman
Schedule of Directors' and Related Party Disposals of Ordinary
Shares @ 50p per share
A D Hurley Children's Settlement 133,333 Ordinary Shares
A D Hurley 466,667
Celia Dorothy Crowther 120,000
Fairmount Group Nominees Limited (Michael Collins SIPP no 012) 500,000
Glen Fawcett 120,000
Jane Annear 120,000
Dave Evans Hughes 60,000
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 1999
Year to Year to
31 31
December December
1999 1998
Notes # #
Turnover from Continuing 5,547,633 3,688,895
Operations
Cost of sales 3,147,556 1,979,622
Gross Profit 2,400,077 1,709,273
Design, development and 2,244,228 2,119,532
administrative expenses
Operating profit/(loss) from 155,849 (410,259)
continuing operations
Net interest 21,216 26,341
Profit/(loss) on Ordinary 4 177,065 (383,918)
activities before taxation
Taxation 15,229 (24,003)
Profit/(loss) on ordinary 161,836 (359,915)
activities after taxation
Dividends, proposed and payable:-
Ordinary Shares (equity)
- -
Retained Profit / (loss) for the 161,836 (359,915)
Year
Earnings per Ordinary Share 4 0.23p (0.61)p
Profit/(Loss) for the year 161,836 (359,915)
Currency translation differences
on foreign
currency net investments (6,250) 2,226
Total gains / (losses) recognised 155,586 (357,689)
since last annual report
CONSOLIDATED BALANCE SHEET
AT 31 DECEMBER 1999
31 31
December December
1999 1998
# #
FIXED ASSETS
Tangible assets 687,694 794,795
Investments 60 60
687,754 794,855
CURRENT ASSETS
Stocks and work in progress 800,550 614,650
Debtors 2,071,789 952,234
Cash at bank and in hand 1,619,819 2,133,134
4,492,158 3,700,018
CREDITORS:
amounts falling due within one 1,474,463 742,747
year
NET CURRENT ASSETS 3,017,695 2,957,271
TOTAL ASSETS LESS
CURRENT LIABILITIES 3,705,449 3,752,126
CREDITORS:
amounts falling due after more 261,089 463,352
than one year
NET ASSETS 3,444,360 3,288,774
CAPITAL AND RESERVES
Called up share capital 963,976 963,976
Share Premium account 2,453,943 2,453,943
Profit & Loss account 26,441 (129,145)
SHAREHOLDERS' FUNDS 3,444,360 3,288,774
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 1999
Year to Year to
31 December 31 December
1999 1998
# #
Net cash (outflow)/inflow from (199,261) 394,704
operating activities
Returns on investments and
servicing of finance:
Interest received 88,699 97,357
Interest paid - finance lease (26,538) (26,580)
interest
Interest paid - bank interest (40,945) (44,436)
Preference dividends paid (166,500)
-
Net cash inflow/(outflow) from
returns on investments
and servicing of finance 21,216 (140,159)
Taxation:
UK Corporation Tax (including (129,122)
Advance Corporation Tax) -
Capital expenditure and financial
investment:
Payments to acquire tangible fixed (36,016) (85,389)
assets
Sale of tangible fixed assets 9,894 9,151
Net cash (outflow) from capital
expenditure
and financial investment: (26,122) (76,238)
Equity Dividends paid - (48,479)
Financing:
Issue of Ordinary Share Capital 2,827,362
-
Own Purchase of Non-Redeemable (450,000)
Preference Shares -
Redemption of Preference Shares (678,761)
-
Expenses incurred on issue of (266,791)
equity share capital -
Capital element on hire purchase (202,603) (201,493)
and finance leases
Borrowings repaid (100,295)
-
Net cash (outflow)/inflow from (302,898) 1,230,317
financing
(Decrease)/Increase in cash (507,065) 1,231,023
NOTES
1. No dividends are proposed for the period ended 31 December
1999.
2. The results for the year ended 31 December 1998 are abridged
from the Financial Statements for the year which contain an
unqualified audit report and have been filed with the
Registrar of Companies.
3. The consolidated Financial Statements have been prepared on a
basis consistent with the Financial Statements for the year
ended 31 December 1998.
4. The calculation of earnings per share is based on the
weighted average number of Ordinary Shares in issue of
70,700,012 (1998 - 59,112,379), and on the profit after tax
of #177,065 (1998 - Loss #359,915).
5. Copies of the Annual Report will be sent to Shareholders and
will also be available from the Company's Registered Office:
4, Gilberd Court, Newcomen Way, Colchester, Essex. CO4 4WN.
END
FR FZLFFBLBZBBX
Concurrent Technologies (LSE:CNC)
Historical Stock Chart
From Dec 2024 to Jan 2025
Concurrent Technologies (LSE:CNC)
Historical Stock Chart
From Jan 2024 to Jan 2025
