Concurrent Technologies Plc reports growth in trading update

By Tom Kilkelly

7 December 2023

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Theale-based computer system designers and manufacturers Concurrent Technologies Plc has announced its trading update for the year ended 31 December 2023, with reports of imminent growth.

The company expects revenue to be 'substantially higher than any prior half-year in the Company’s history'. This performance has been attributed to the strength of order intake over the preceding 24 months enabled by the significant investment in product development.

Profit was also reported as ahead of previous years, with the company's continued investment in the operational scale of the Company spearheading this growth.

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Chief Executive Officer Miles Adcock said “The performance of the team across the Company has been exceptional throughout the year and, coupled with the continued easing of supply chains we have seen revenue run rates almost double when compared to historical norms.

''Our success with design wins provides confidence that order intake moving forward will continue the current level of strong performance which will position us well to enjoy further growth through FY24 and beyond.

''The Systems business will continue to require focus and investment to deliver substantial growth, but we are developing the capabilities required secure further Systems contracts in future periods. Our exciting and evolving business is delivered by brilliant people.

''So far this year we have increased headcount by another 10 per cent as we grow. Attracting and retaining talent is core to our strategy, and I am delighted that we were recently awarded Gold status by the 5% Club; recognising that more than 5 per cent of our workforce is engaged in ‘earn & learn’ learning programmes.”

By Tom Kilkelly

Tom Kilkelly started working as a freelance journalist for The Business Magazine following his graduation from UCL in 2022.

During his studies Tom became very interested in the works of Irish authors including Samuel Beckett and Flann O'Brien (Brian O'Nolan).

His current role as a freelance business reporter is his first exposure to the world of business journalism. Working at TBM has given Tom the chance to really get to grips with the goings-on in the business hive that is the South East.