Concurrent Technologies PLC AGM Statement (1422Q)
June 16 2020 - 9:45AM
UK Regulatory
TIDMCNC
RNS Number : 1422Q
Concurrent Technologies PLC
16 June 2020
16 June 2020
Concurrent Technologies Plc
(the 'Company')
Annual General Meeting Statement
At today's Annual General Meeting of Concurrent Technologies Plc
(AIM: CNC), a world leading specialist in the design and
manufacture of high-end embedded computer boards for critical
applications, Jane Annear, CEO, will make the following statement
on behalf of the Board:
"We are pleased to report that the Group's trading performance
in 2020 has continued on from the positive results reported for
2019, notwithstanding the current COVID-19 pandemic. The overall
order book is strong and the Group has maintained production at our
main Colchester site throughout the lockdown, working at all times
within government guidelines. Those employees who are not involved
in production have mostly been able to contribute from home, and
many of them are now back in the office.
We expect our first half sales to be broadly in line with the
Board's expectations, although operating profit will be a little
lower than budgeted due primarily to short term reduced
productivity in the design function in the UK and India during the
COVID-19 pandemic. The Group's cash position remains healthy and
the Group has not found it necessary to apply for support under any
Governmental COVID-19 support initiative. The Board remains
confident that the outcome for the full year will be in line with
market expectations.
We also have to report that with effect from the close of the
AGM our Chairman, Michael Collins, who has been in the Chair since
1989, is retiring as Chairman. Our new Chairman will be Mark
Cubitt, who joined the Board as a non-executive director in March
this year."
Enquiries:
Concurrent Technologies Plc
Jane Annear, Managing Director/CEO +44 (0)1206 752626
Newgate (Financial PR)
Bob Huxford +44 (0)20 7653 9848
Isabelle Smurfit +44 (0)20 3757 3411
Cenkos Securities Plc (NOMAD)
Neil McDonald +44 (0)131 220 9771
Peter Lynch +44 (0)131 220 9772
Note to Editors:
About Concurrent Technologies Plc
Concurrent Technologies Plc develops and manufactures high-end
embedded computer products 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(R) processors,
including the latest 9(th) generation embedded Intel(R) Core(TM)
processors, Intel(R) Xeon(R) and Intel(R) Atom(TM) 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.
All trademarks, registered trademarks and trade names used in
this announcement are the property of their respective owners.
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END
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