Concurrent Technologies Plc provided earnings guidance for the fourth quarter, second half and full year of fiscal year ending 31 December 2023 and revenue guidance for the fiscal year ending 31 December 2024. The board now expecting to deliver revenue for fiscal 2023 ahead of market expectations, prior to the contribution of Phillips Aerospace which was acquired in September 2023.

The board announced that profit contribution has strengthened quarter-on-quarter throughout fiscal year 2023, and it is anticipated that fourth quarter 2023 will be the strongest quarter in an already record-breaking year.

Revenue for the six months to 31 December 2023 (second half 2023) is expected to be substantially higher than any prior half-year in the company's history, driven by the strength of order intake over the preceding 24 months enabled by the significant investment in product development undertaken to facilitate new customers and design wins. Accordingly, the profit of the company as a whole in fiscal year 2023 is expected to be in line with current market expectations.

The board confidence in the delivery of material revenue growth in the year ending 31 December 2024 (fiscal year 2024) and beyond.