Concurrent Tech. - Interim Results
October 19 1998 - 4:30AM
UK Regulatory
RNS No 4823j
CONCURRENT TECHNOLOGIES PLC
19th October 1998
Concurrent Technologies Plc
Interim Results Announcement
Concurrent Technologies Plc ("CCT"), which designs, produces
and markets single board computers based on systems of
expanding computer processing power known as Multibus II and
VME, announces its Interim Results for the six months ended 30
June 1998.
* Placing & Open Offer successfully completed, post period,
in July
* New VME product range launched on schedule
* Benefits of relocation and investment in 1997 & 1998
bearing fruit, turnover significantly increased, sales
opportunities significantly enhanced
* Further investment in product development and personnel
being made
* Results ahead of expectations
Glen Fawcett, Managing Director, commented:
"1997 represented a year of consolidation following the move
of the business to a new location and investment in high
calibre people, equipment and premises.
"1998 has seen this investment begin to bear fruit. The new
product range has been well received and as result there has
been a large increase in the number sales opportunities
available. We are very confident that shareholders will see
the benefit in 1999."
19 October 1998
Enquiries:
Concurrent Technologies Plc Tel. No. 01206 752626
Glen Fawcett, Managing Director
College Hill Tel. No. 0171 457 2020
Michael Padley
Chairman's Statement
The financial performance of the Company in the first half of
the year was better than expected. Turnover rose
substantially and we achieved a profit despite the high level
of development expenditure and personnel costs incurred. The
success of the Placing and Open Offer in July showed the
confidence that institutional shareholders, in particular,
have in the Company. As a result of that exercise we have
simplified our share structure and have raised a substantial
amount of cash to support our expansion plans. In the short
term the increased investment we are making to expand our
business base is impacting upon profitability but we are now
very confident that in 1999 Shareholders should see the
benefit of the investment.
The opportunity that we perceived in 1997 to develop our
products to make them available to the users of VME computers
as well as users of Multibus II computers has continued to
prove very attractive. Since we announced our first VME
product there has been a large increase in the number of sales
opportunities available to the Company and our products are
being evaluated in many major projects. The two VME boards
already launched have been well received and we are on
schedule to introduce the predicted further three boards
before the end of 1998. We are therefore confident that VME
products will feature significantly in our sales in 1999 and
beyond.
The Company does not do any significant business in Asia,
South America or Eastern Europe and it is not therefore
exposed to competitors based in these regions reducing prices
to maintain market share. The Company largely competes with
companies based in USA and the European Union. Also the end
users of our products are, in the main, operating in recession
resistant markets and, I include in this, telecommunications,
air traffic control, postal sorting, radar systems and medical
imaging.
As I stated in the Placing and Open Offer Circular the level
of investment demands that there will be no interim dividend
in 1998. However, we are currently operating ahead of budget
and we have continued to successfully recruit staff of the
calibre necessary to meet the demands of an expanding
business.
Your Board is confident that its decision to expand the
engineering, sales and production base of the Company will
move it onto a higher plane of sales and profitability.
Michael Collins
Chairman
19 October 1998
Profit & Loss Account
Unaudited Unaudited Audited
Six Six Year
months months ended
to 30/6/98 to 30/6/97 12/31/97
#'s #'s #'s
Turnover 2,083,029 1,600,716 4,772,778
Profit on ordinary 2,199 55,560 559,403
activities before taxation
Taxation 304 8,514 26,804
Profit on ordinary 1,895 47,046 532,599
activities after taxation
Currency Translation
differences on foreign
currency net investments (1,838) 4,957 8,615
Retained Profits at start 440,630 162,874 162,874
of period
Available for distribution 440,687 214,877 704,088
Dividends:
Preference Dividends for - 83,250 166,500
period
Ordinary Dividend Proposed - 48,479 96,958
Retained Profit at end of 440,687 83,148 440,630
period
Earnings/ (Loss) Per 0.0p (0.08)p 0.77p
Equity Share
Notes:
1. Preference & Ordinary Dividends of #215,000 which were
provided for in the financial statements for the year ended 31
December 1997 were paid in March 1998.
No dividends are proposed for the period ended 30 June 1998.
2. The results for the year ended 31 December 1997 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 Trading Results have been prepared on a basis
consistent with the Financial Statements for the year ended 31
December 1997.
4. In July 1998, the Company's Issued Ordinary Share Capital was
increased by 22,026,375 Ordinary Shares, via a placing and Open Offer.
At the same date the Company's Preference Shares were all
redeemed, cancelled or converted into Ordinary Shares.
5. Copies of the Interim Report will be sent to Shareholders and
are also available from the Company's Registered Office: 4,
Gilberd Court, Newcomen Way, Colchester, Essex. CO4 4WN.
END
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