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Concurrent Technologies PLC on Thursday reported a double-digit profit rise in 2021, though the designer and manufacturer of computer boards cautioned on supply-side issues looking ahead.
Shares in Concurrent were down 12% at 76.75 pence in London on Thursday around midday.
The company reported revenue of £20.5 million in 2021, a fall of 2.8% compared to the 2020 figure of £21.1 million.
Concurrent's pretax profit increased by 22% year-on-year to £3.5 million, from £2.8 million. Operating expenses fell 6.6% to £7.9 million from £8.4 million, boosting its bottom line.
The company maintained a dividend of 2.55p per share.
Looking ahead, the company is taking a cautious approach to revenue and profit in 2022 and is anticipating global supply-side issues. Concurrent noted a number of challenges, including geopolitical tensions amid the war in Ukraine and continued Covid restrictions. These issues are likely to lead to component shortages, with delayed deliveries and revenue recognised over a longer period.
However, the board remains optimistic, noting: ‘The group is well positioned to deliver additional growth in its main markets over the coming years.’
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