Concurrent Technologies (AIM:CNC) PLC has announced 2023 was a record year with better-than-anticipated revenue and profit for the 12 months to December.
Full-year revenue should sit around 5% ahead of market consensus, at over £30 million, compared to 2022’s £18.3 million, the AIM-listed computer products firm said in an update.
Adjusted pre-tax profit will be slightly above expectations, Concurrent added, coming in at record levels when adjusted for cost base investments.
Broker Cavendish previously laid out expectations for Concurrent to score revenues of £29.5 million, alongside adjusted pre-tax profit of £3.5 million.
“Our success has been fuelled by significant design-in wins, new product releases and investment made in the systems business,” chief executive Miles Adcock commented.
This includes through the acquisition of Phillips Aerospace in September, which Concurrent said at the time would help expand manufacturing across the Atlantic, including in the defence, medical and industrial sectors.
“With a year-on-year increase in revenue of over 60%, it is clear that our revised strategy and associated transformation is delivering results,” Adcock added.
“We are confident we now have the right team in place to continue this delivery.”
Shares climbed 2% to 80.59p.