Concurrent Technologies, an Essex-based company that develops and manufactures high-performance computer products, said it expects to report profitability and revenue slightly above market expectations for 2021 despite the global chip shortage.
The London-listed company saw its shares surge by 11% to 89p per share on Wednesday following the announcement.
Dr Miles Adcock, CEO of Concurrent Technologies Plc, said: “I am delighted with the 2021 trading performance, in particular how the experienced management team and dedicated staff enabled Concurrent to minimise the impact of the global supply chain issues, and I am confident in the long term prospects for the business.”
The UK company said it has a robust order book and a pipeline of innovative product releases.
Founded in 1985, Concurrent Technologies Plc develops and manufactures high-end embedded computer products for use in a wide range of high-performance, long life cycle applications within the telecommunications, defence, security, telemetry, scientific, and aerospace markets.
Concurrent’s processor products feature Intel processors, including the latest 9th generation embedded Intel Core processors, Intel Xeon, and Intel Atom processors.
Concurrent Technologies said it aims to grow revenues and customer base this year, despite the chip shortage hampering the ability of suppliers to get hold of semiconductor components.
A squeeze in chip supply began prior to the Covid-19 pandemic due to the US-China trade wars and other factors. It was then exacerbated by the pandemic, with fabrication plants forced to close, some catching fire, all while demand for chips in cars to computers has skyrocketed.
The global chip shortage has affected more than 169 industries, with cars left uncompleted on production lines to PlayStation 5 consoles unable to meet demand.
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