Tuesday 10 September 2019 12:30 pm

Shares in Concurrent Technologies take off after defence tech firm posts revenue rise

Shares in computer product manufacturer Concurrent Technologies jumped more than eight per cent this morning after it posted strong trading for the first half of the year.

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Concurrent, whose products are used in the defence, aerospace and telecoms sectors, reported a 17 per cent rise in revenue to £9.5m, while pre-tax profit increased from £1.1m to £2.7m.

The London-listed firm also hiked its interim dividend from 95p to £1.05p per share.

Concurrent said the strong trading was driven by sales growth across all sectors, although defence remains its largest source of business, accounting for 58 per cent of total turnover.

Turnover was lower than in the second half last year, but the company said it had expanded its global customer base and ramped up research and development investment to £1.4m over the period.

As a result, Concurrent said it was confident it would post a “successful” performance in the full year.

“The operational performance during the first half of the year has been strong with excellent sales, good cost control and successful recruitment into the senior management team,” said chairman Michael Collins.

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“Whilst the turnover of the first half may not reach the same level in the second half, the increased order intake has resulted in a new record order book, the majority of which is expected to ship within the next 12 months.”

Main image credit: Getty