Concurrent Technologies expects to report record first-half results, with revenue of approximately £23.1m and profit before tax of around £3.3m, up from £21.1m and £2.7m respectively a year earlier.
Shares rose 3% on the back of the update in early trading.
The driving factor in the strong performance was improved order intake, which surged 110% to £46.9m. That includes the roughly £17m multi-year order from a European customer announced in June, though even stripping this out, the computer products designer achieved record intake for any half-year period, with demand spread across its key geographies and end markets.
Concurrent provides high-performance computers to a wide range of sectors, including defence, aerospace and transport.
The Systems business secured around $8m of orders and delivered a profitable first half, with the AIM-listed group expecting it to become an increasingly material contributor over the medium term. The Products business saw modest first-quarter intake before improving in the second quarter, firming up revenue visibility for the rest of the year.
Design wins with a projected lifetime value of approximately £129m were secured across both businesses during the period, while wins from three to four years ago are increasingly converting into production orders. To meet anticipated demand, the group’s Colchester manufacturing expansion remains on plan, with output capacity expected to roughly double from the third quarter.
Miles Adcock, CEO of Concurrent Technologies, commented: “Delivering record first-half results reflects the continued strength of demand across our key markets and the successful execution of our growth strategy across both Products and Systems. The increasing conversion of earlier design wins into production orders, as anticipated, is particularly encouraging, alongside continued new programme wins, which together are enhancing the visibility and quality of future revenues across the Group.”
“Underlying demand remains strong, and alongside a solid order book, the Group is well positioned for the second half of the year and beyond.”