Concurrent clears arrears

Concurrent Technologies has continued to enjoy strong sales since its float on Aim last July. But dividend payouts have been overshadowed by a complex capital structure and preference arrears, inhibiting ordinary dividend payments. Now the single board computer firm has said that £2m preference dues are to be cleared, enabling it to make a modest […]

Concurrent Technologies has continued to enjoy strong sales since its float on Aim last July. But dividend payouts have been overshadowed by a complex capital structure and preference arrears, inhibiting ordinary dividend payments.

Now the single board computer firm has said that £2m preference dues are to be cleared, enabling it to make a modest 0.1p ordinary share payout.

The news, in the firm’s 1996 results, pushed its shares sharply ahead. They are now around 24p.

Concurrent’s main customers are in telecommunications, telemetry, defence and aerospace. It increased sales last year by 84% to £6.68m, and pre-tax profits by 129% to £1.3m.

This year the costs of moving production in-house will slow profit growth. But the company expects at least to match last year’s pre-tax figure and achieve a dividend of 2p.