Concurrent Technology claims strength post-Brexit

1st Jul 2016 12:16

(ShareCast News) - Embedded computer products designer and manufacturer Concurrent Technology posted a trading update on Friday, over the recent severe weakening in sterling after the UK voted to leave the European Union.The AIM-traded company said that as a consequence of the recent changes, especially in sterling against the dollar, it has conducted an additional review of its financial risk and trading plans.It said the majority of its worldwide transactions are conducted in sterling and dollars, with the value of transactions conducted in other currencies - including the euro - very low."The board is pleased to confirm that the company's exposure to exchange risk is still mitigated to a large extent by the ability to offset receipts from sales against payments for purchases in the same currency," Concurrent's statement read."[Concurrent] confirms that it is still of the view that the outlook for this year as a whole remains good."