Concurrent Technologies (CNC) H2 2024 TU earnings summary

Financial performance and outlook

• FY24 revenue expected to be about 25% higher than FY23, marking a record year.

• Profit before tax and revenues are both anticipated to be approximately 10% ahead of market expectations.

• Operational gearing contributed to profit growth as the business scaled.

• Significant investment in the Systems business in LA, which was loss-making in FY24 as expected.

Strategic achievements and growth drivers

• Secured 22 design wins in FY24, including 10 major wins expected to contribute over £1m annually at peak.

• The 10 major design wins could deliver a combined lifetime value of £100m.

• FY24 order intake is expected to be £41m, supporting a strong pipeline for future growth.

• Products Business Unit drove profitability, while Systems Business Unit secured key orders, including a $3.7m win in APAC.

Management commentary and future outlook

• Transformation over the past three years has positioned the group for sustained success.

• Optimism for both short- and long-term growth as the company enters FY25.

• Confidence in the ability to deliver continued growth, supported by world-class teams.