Concurrent Technologies (CNC) stock surges on trading update
11:02, 5 January 2022
AIM-listed computer player Concurrent Technologies confirmed better-than–expected profits and revenues in a London trading update this morning.
Stock in Concurrent soared more than 11% to 89.40p by late morning as investors digested revenues and profitability “slightly ahead of market expectations despite the ongoing challenges that the worldwide component supply chain is experiencing”.
The company said while component issues are ongoing, it was entering 2022 “with a robust order book and an exciting pipeline of innovative product releases to grow our customer base and revenues in 2022 and beyond”.
CEO Dr Miles Adcock added it was minimising impact of the global supply chain issues and he was “confident in the long term prospects for the business”. The company’s share price remains some distance off its 113.00p high.
Dr Adcock was appointed CEO last year, previously serving as president of space imaging at Teledyne Technologies.
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