UK board maker Concurrent sees record year
UK board maker Concurrent (formerly Concurrent Technologies) has seen a record year for its embedded boards and systems.
In a trading update, it expects to report both revenues and profit before tax approximately 10% ahead of market expectations of £36m for revenue and £4.7m for the profit before tax for 2024. This will be 25% ahead of 2023 and a record year, it says.
This is despite buying systems business Phillips Aerospace in the US which was acquired in 2023 for $1.875m and was loss making in 2024.
The UK manufacturer and system integrator has board manufacturing at its headquarters in Colchester, Essex, and in the US. It has moved to focus on securing multi-year design wins where a Concurrent product is integrated into a customer’s design. These have potential to generate annual repeat orders for up to a decade.
In 2024 the group secured 22 design wins, including 10 major contracts which are expected to contribute over £1m annually once they reach peak production, typically two to three years after the initial design win. These 10 key wins have the potential to deliver a combined lifetime value of £100m.
“This has been another strong year for Concurrent, delivering on our strategy whilst investing for the future. Our FY24 order intake is expected to be £41m, and our growing pipeline of major design wins reinforces our strong foundation for continued, year-on-year growth,” said Miles Adcock, CEO of Concurrent Technologies,
“Our Products Business Unit continues to excel, driving profitability across the Group, while the Systems Business Unit has secured several key orders, including the $3.7m win in APAC, setting the stage for further growth in the new financial year.
“The transformation we’ve achieved over the past three years has been remarkable, positioning Concurrent for sustained success and as we enter FY25, our optimism for both the short- and long-term has never been stronger. I’m incredibly proud of the world-class teams we’ve built across the business, providing confidence in the Group’s ability to deliver in FY25 and beyond.”
In December it signed a deal with Parry Labs in Virginia, US, for VPX boards in SOSA-aligned sensor systems.
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