Concurrent Technologies (AIM:CNC) soared over 20% in early Monday trading after it reported revenues and profits lifted in the first six months of 2023.
The tech firm provides high-end embedded computer systems for a range of industries including defence, transport and communication.
Revenues jumped by more than 60% from £7.4mln to a record £12mln and pre-tax profits grew from £100,000 to £1mln.
The company said orders in the first half reached £14.5mln and looking forward into the second half, it had a backlog worth almost £30mln.
Miles Adcock, the chief executive officer of Concurrent Technologies (AIM:CNC), believes the company is “at an inflexion point”.
He said: “Now that components are becoming more readily available, we will enter a period of growth.
“First-half revenue was a record first half for us, and I believe the second half will be better still.”
Issues with global supply chains dampened performances in the first half, the company said. However, despite the backdrop still not returning to normal, the current position is much more favourable compared to January, it noted.
“I can confidently say that we have much greater control of our destiny,” Adcock added.
Shares in Concurrent Technologies (AIM:CNC) are currently nearing 70p, having opened at just under 58p.