Concurrent Technologies PLC on Monday said its half-year profit and revenue fell amid an ongoing supply chain disruption of semiconductor components.

Concurrent Technologies is an Essex, England-based designer and manufacturer of computer boards.

Pretax profit in the half-year that ended June 30 dived to just £32,413 from £1.6 million a year prior. Revenue fell by 20% to £7.4 million from £9.3 million.

The company suspended its interim dividend, having paid 1.15 pence per share a year ago.

‘Short term component availability is resulting in constrained performance in 2022, with limited visibility of exactly when it will ease. However, order intake is strong, and would otherwise reflect in a solid improvement in revenues. Order intake should strengthen further as strategic initiatives take effect in 2023 and beyond,’ said Chief Executive Officer Miles Adcock.

‘Despite the headwind generated by short-term components shortages, the business is making good progress with operational improvement and implementation of the strategy,’ Concurrent said.

Looking ahead, the company sees increased demand, saying that is well-positioned for material growth.

‘In addition to increased demand from the market, we have built increased capacity to deliver through additional shifts and a qualified build to print partner in the United States. Whilst the challenge of securing semiconductor components is frustratingly constraining everyone’s ability to ship completed product, we are well positioned for material growth as the situation resolves,’ Concurrent said.

The firm noted that in the second half of 2022, it will keep research & development investment at a a similar level as in the first half.

Concurrent Technologies shares were 13% lower at 72.45 pence each in London on Monday morning.

Copyright 2022 Alliance News Limited. All Rights Reserved.