Concurrent in concurrence with profits forecasts

Concurrent Technologies consolidated its recovery in the third quarter, reporting net profits of £1.8 million on £2.1 million turnover, up from £0.5 million on £1.6 million turnover last time. Concurrent’s retained profit after a £1.8 million loss on currency translations is only £440,687, so no dividend this time, but an improvement on last year’s £0.08p per share loss. Glen Fawcett, managing director of the single board computer manufacturer, said that 1997 had been a year of consolidation with investment in premises and people. He added: “The first half of 1998 has seen this investment bear fruit… and we are confident that shareholders will see the benefit in 1999.” A round of investment in July attracted £1 million from institutional investors, enabling Concurrent to move into new plant premises in Colchester and increase staff numbers from 29 to 40. Despite the currency hit, Fawcett said that unlike many companies operating in the sector, Concurrent is cushioned from the current economic crisis since it does little business in Asia, South America or Eastern Europe. He said the company’s profits would have been higher but for significant investment in products and systems, resulting in two new VME products earlier this year, with a further three on the launchpad. The bulk of Concurrent’s customers are split between the US, UK and mainland Europe, and most of Concurrent’s work is won on a contract by contract basis, primarily from the military and aerospace markets along with transport, telecomms and the health markets. Established in 1985 and headquartered in Colchester, Concurrent’s North American business is in Cincinnati, Ohio, and a South African operation is headquartered in Pretoria.®