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Concurrent Technologies plc

Concurrent Technologies builds rugged computer boards and complete computers that process and move data in defence, aerospace and other demanding environments.

FJV · Stuttgart · EUR

Overview

Summary

Concurrent began in 1985 making computer boards for industrial automation. The Colchester-based company still designs and manufactures boards, but its 2023 acquisition of Phillips Aerospace added the ability to assemble and integrate larger computers for customers.

Customers buy processor boards, networking equipment and rugged computers for long-lived equipment. Hornet, for example, pairs an Intel processor board with NVIDIA Jetson hardware. Concurrent buys these processors and graphics components; it manufactures the boards and computers around them.

Research notes on Concurrent Technologies plc

Latest results

Jan–Jun 2026 · Reported in GBP

Revenue

GBP 23.2 million+10%

Operating profit

GBP 3.3 million+24.6%

Margin 14.4%

Cash held

GBP 9.7 million+23.7%

At Jun 30, 2026

Financial debt

GBP 2.2 million+186.2%

At Dec 31, 2025

Latest financial publication

Sep 7, 2026 · Issuer publication

First-half results 2026

Investment Thesis

Rugged computers moving from design selections into production

European Tech Equities analysis · Oct 28, 2026

The investment case

The case is that qualified computer boards can remain in customer programmes for many years. Supplying a more complete computer adds engineering and integration revenue. Growth depends on those programmes reaching production and on Concurrent delivering reliably.

Sources[1][2]

Evidence of adoption

The £17 million European order and July’s $9.4 million US defence order provide concrete evidence. The latter follows a 2024 design selection; September results confirmed that its initially conditional $3.2 million component commitment was secured. These are customer orders, while estimated lifetime design-win values remain potential revenue.

The 28 October announcement adds another example: $7 million of production orders for custom single-board computers followed $6.2 million of design work for a US defence contractor. The production total includes $2.8 million placed in May and a new $4.2 million tranche, for delivery in 2026 and 2027. The full $7 million is therefore not new October intake or revenue already earned.

Sources[3][4][5][6]

Demand drivers

First-half order intake reached £46.9 million, against £22.3 million a year earlier. Defence and aerospace demand supports growth, but procurement budgets and component availability influence timing. The company secured DRAM supply through 2027 and is expanding capacity to handle a busy second half.

Sources[5][7]

Profit and cash generation

H1 2026 sales were £23.2 million and net profit £2.55 million. Operating cash flow of £1.78 million was below £6.31 million of cash investment in equipment and intangibles. Cash fell from £14.37 million in December to £9.68 million in June, while receivables and contract liabilities rose sharply.

Sources[5][2]

Valuation assumptions

The £239.22 million equity value on 26 October 2026 was about 47 times 2025 net profit of £5.06 million. That dated comparison places considerable weight on further growth. More production orders can support it; delayed deliveries, rising component costs or continued cash absorption would make it harder to sustain.

Sources[8][2]

What would weaken the case

A design selection is not a guaranteed lifetime order. Defence procurement and customer funding can delay production.
Processors and memory come from external suppliers. Availability, price increases and end-of-life notices can disrupt deliveries.
Growth consumes cash through inventories, receivables and development spending; higher accounting profit does not ensure stronger cash generation.

Sources

Financials

The business in numbers

Latest

RevenueOperating profitNet profit

Income statement

For the periodGBP million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Revenue	21.06	23.16
Gross profit	10.69	11.76
Gross margin	50.8%	50.8%
Operating profit (EBIT)	2.67	3.33
Operating margin	12.7%	14.4%
Net income	2.40	2.55
Earnings per share (GBP)	0.0278	0.0293

Cash flow

For the periodGBP million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Operating cash flow	-2.19	1.78
Capital expenditure	2.61	6.31
Free cash flow	-4.80	-4.53

Balance sheet

At period endGBP million	FY 2025Dec 31, 2025	H1 2026Jun 30, 2026
Cash & cash equivalents	14.37	9.68
Total debt	2.17	—
Net debt / (net cash)	-12.21	—
Total assets	59.81	72.44
Total liabilities	15.04	24.33
Total equity	44.77	48.11

Sources and details

Additional figures

H1 2026 · Sep 7, 2026

Order intake: GBP 46.9m

September results replace July preliminary figures. June cash was £9.7m versus £14.4m in December 2025; £7.8m is the June 2025 comparator.

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

H1 2025 · 7 September 2026 issuer RNS, condensed consolidated income statement, balance sheet and cash-flow statement. GBP converted to millions; EPS pence to GBP. Interim current lease liabilities are not separately disclosed, so no total debt is inferred from total payables. Capex is PPE plus intangible cash purchases. One-pound rounding differences retained from statement-specific lines.

H1 2026 · 7 September 2026 issuer RNS, condensed consolidated income statement, balance sheet and cash-flow statement. GBP converted to millions; EPS pence to GBP. Interim current lease liabilities are not separately disclosed, so no total debt is inferred from total payables. Capex is PPE plus intangible cash purchases. One-pound rounding differences retained from statement-specific lines.

FY 2025 · Annual Report 2025 printed pp.45–48, note 17 p.70. GBP converted to millions; EPS pence converted to GBP. Operating profit is the issuer line before separately presented exceptional costs. Debt is current plus non-current leases; no bank borrowing shown. Capex combines cash PPE and capitalised development/intangibles.

Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.

Consolidated IFRS in GBP millions; basic EPS in GBP, converted from pence. Capex includes capitalised development and other intangible purchases. Annual debt is lease liabilities. The interim release does not separate current leases from other payables, so interim total debt is unavailable. The issuer presents exceptional costs below its operating-profit line.

Annual

RevenueOperating profitNet profit

Revenue

FY 202440.3

FY 202545.9

Operating profit

FY 20245.2

FY 20256.6

Net profit

FY 20244.7

FY 20255.1

Income statement

For the periodGBP million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue	40.32	45.87
Gross profit	19.98	24.46
Gross margin	49.5%	53.3%
Operating profit (EBIT)	5.19	6.63
Operating margin	12.9%	14.5%
Net income	4.70	5.06
Earnings per share (GBP)	0.0549	0.0586

Cash flow

For the periodGBP million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Operating cash flow	7.89	7.05
Capital expenditure	4.26	5.45
Free cash flow	3.63	1.60

Balance sheet

At period endGBP million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash & cash equivalents	13.71	14.37
Total debt	0.76	2.17
Net debt / (net cash)	-12.95	-12.21
Total assets	50.78	59.81
Total liabilities	11.86	15.04
Total equity	38.93	44.77

Sources and details

September results replace July preliminary figures. June cash was £9.7m versus £14.4m in December 2025; £7.8m is the June 2025 comparator.

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

FY 2024 · Annual Report 2025 printed pp.45–48, note 17 p.70. GBP converted to millions; EPS pence converted to GBP. Operating profit is the issuer line before separately presented exceptional costs. Debt is current plus non-current leases; no bank borrowing shown. Capex combines cash PPE and capitalised development/intangibles.

Half-year

RevenueOperating profitNet profit

Revenue

H1 202521.1

H1 202623.2

Operating profit

H1 20252.7

H1 20263.3

Net profit

H1 20252.4

H1 20262.5

Income statement

For the periodGBP million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Revenue	21.06	23.16
Gross profit	10.69	11.76
Gross margin	50.8%	50.8%
Operating profit (EBIT)	2.67	3.33
Operating margin	12.7%	14.4%
Net income	2.40	2.55
Earnings per share (GBP)	0.0278	0.0293

Cash flow

For the periodGBP million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Operating cash flow	-2.19	1.78
Capital expenditure	2.61	6.31
Free cash flow	-4.80	-4.53

Balance sheet

At period endGBP million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Cash & cash equivalents	7.83	9.68
Total assets	50.60	72.44
Total liabilities	10.01	24.33
Total equity	40.59	48.11

Sources and details

September results replace July preliminary figures. June cash was £9.7m versus £14.4m in December 2025; £7.8m is the June 2025 comparator.

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

Updated Oct 28, 2026

Overview

Summary

Customer value

What sets it apart

Growth plans

Latest results

Latest financial publication

First-half results 2026

Investment Thesis

The investment case

Evidence of adoption

Demand drivers

Profit and cash generation

Valuation assumptions

What would weaken the case

Sources

Financials

The business in numbers

Latest

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Additional figures

Annual

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Half-year

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Performance

Research & updates

Concurrent moves from designing a computer to supplying it

$7m Production Orders from US Defence Prime

Holding(s) in Company

Interim Results

First-half results 2026

Company publications

Concurrent interim results, 7 September 2026

Concurrent Annual Report and Accounts 2025

Interviews

Interviews are coming soon

Sources

Sources & data dates

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