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Highlights
Group revenue growth driven by 10% increase in Products unit sales and early momentum in Systems unit.
Order intake rose 25% year-on-year to £22.3m, supported by major design wins and a £4m UK defence contract post-period.
EBITDA of £4.0m delivered alongside continued investment in R&D, Systems, and new facilities.
Concurrent Technologies Plc (AIM:CNC), a designer and manufacturer of advanced computer products and mission-critical systems, announced record results for the six months ended 30 June 2025 (H1 2025).
The Products business unit reported revenue of £17.9m, up 10% from H1 FY24 (£16.3m). Unit profit also increased by 12.5% to £3.2m (H1 FY24: £2.8m), reflecting sustained customer demand.
The Systems business unit, still in its early stages of scaling, delivered revenue of £3.2m, compared to £0.5m in H1 FY24. The unit maintained a consistent loss of £0.5m, as ongoing investments were made to build capacity and operations.
Group-wide order intake increased 25% year-on-year to £22.3m, supported by growth in the UK, Europe, and Rest of World. In the US, order intake was constrained by delayed defence budget approval, but activity is expected to accelerate in H2 FY25 as contracting conditions improve.
Overall, Concurrent delivered EBITDA of £4.0m, balancing cost discipline with continued investment in R&D (£1.8m) and Systems development.
The Group closed the period with a cash balance of £7.8m (H1 FY24: £8.9m). Movements reflected a £2.7m increase in trade debtors, a first dividend payment of approximately £1m, and a £2.2m rise in inventories to support anticipated growth. Foreign exchange movements had a negative £0.7m impact on profitability due to US dollar fluctuations.
To enhance financial flexibility, Concurrent secured a new £5m revolving credit facility with NatWest, providing additional support for its medium-term growth strategy.
Operational Highlights
Concurrent recorded a series of major contract wins and product launches during H1 2025. These included:
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A £3.4m order for VME-based 6U computer boards.
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£90m lifetime value in new design wins across global markets.
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Post-period, a £4m UK defence contract, the largest secured in the company’s history, for the supply of VME computers.
The company also launched Kratos, one of the first rugged plug-in cards built on Intel’s latest 6516P-B processor, with early access obtained six months ahead of competitors.
Investments in factory machinery, test equipment, and infrastructure improved manufacturing efficiency, while capacity expansion projects advanced at the Colchester facility (target completion FY26). In the US, the Systems unit is preparing to relocate to a new facility in Los Angeles during H2 FY25 to support rising demand.
Headcount grew to 170 employees, including 22 in Systems, with strategic hires such as a Project Director.
Outlook
Concurrent’s sales pipeline remains optimistic, supported by demand for its high-performance computing solutions and expanding Systems portfolio. While monitoring the pace of order placement from US customers following the Department of Defense budget approval, the Board stated it is confident of delivering a full-year 2025 performance ahead of market expectations.