Concurrent Technologies FY revenues seen ahead of expectations

4th Jan 2023 08:53

(Sharecast News) - Manufacturer Concurrent Technologies said on Wednesday that it expects full-year revenues to be roughly 10% ahead of market expectations, while pre-tax profits were pegged to be "at least" in line with estimates.

Concurrent said its solid full-year performance was achieved despite global supply chain shortages extending lead times throughout the year, delaying manufacture, shipping, and revenues.

The AIM-listed group also stated it had invested "significant cash" into holding increased inventory in order to react quickly once parts became available, and added that as part of an effort to best manage a recent surge in activity, the company implemented a double shift throughout Q4, resulting in record revenues in November and December.

Following a record order intake in of £25.0m in 2021, Concurrent said order intake for 2022 was in excess of £31.0 - an increase of over 25%.

Chief executive Miles Adcock said: "Whilst the prolonged components shortages have frustratingly slowed down revenue generation, it is clear that our strategy is yielding growth potential. The fact that we have our highest ever backlog, following a record order intake, gives us real optimism for short to mid-term performance growth as supply chains improve."

As of 0850 GMT, Concurrent shares were flat at 72.0p.

Reporting by Iain Gilbert at Sharecast.com