Concurrent Technologies (CNC) H2 2024 earnings summary

Executive summary

• Achieved record revenue of £40.3m for FY24, up 27% year-over-year, with strong growth in EBITDA (+30%) and operating profit (+40%).

• Secured 22 design wins, including 10 major contracts, and the largest-ever single contract worth $6m.

• Business repositioned with new strategic hires, restructuring, and increased R&D investment to accelerate product development.

• Strong order intake of £41m and a robust backlog provide multi-year revenue visibility.

Financial highlights

• Revenue rose to £40.3m (FY23: £31.7m), EBITDA reached £7.8m (FY23: £6.0m), and operating profit was £5.2m (FY23: £3.7m).

• Gross profit margin improved to 49.5% (£20m), and EPS increased to 5.49p (FY23: 4.06p).

• Closing cash position strengthened to £13.7m, up 23% from prior year.

• Shareholders’ funds increased to £38.9m (FY23: £34.3m); total assets at £50.8m.

• Order intake reached a record £41m, with a backlog of approximately £24m.

Outlook and guidance

• Board expects FY25 results in line with market expectations.

• Anticipates significant revenue and profit growth from 2026, driven by major design wins and expanded capacity.

• Continued investment in R&D and operational capacity to support future growth.