26 March 2020
Concurrent Technologies Plc
Director Appointment and Results Timing Update
Concurrent Technologies Plc (AIM: CNC), a world leading specialist in the design and manufacture of high performance embedded computer boards for critical applications is pleased today to announce the appointment to the Board, as a non-executive director, of Mark Cubitt.
Mark has extensive multinational experience gained over the last 33 years, including 23 years in the listed PLC environment and 8 years as chief financial officer at Wolfson Microelectronics plc, until its sale to Cirrus Logic in August 2014. Mark is currently non-executive chairman of AIM listed Beeks Financial Cloud Group plc, a leading cloud computing and connectivity provider for financial services, a non-executive director of consumer products company RHA Technologies Ltd and is also a retained advisor to PureLiFi, a technology spin out from Edinburgh University.
Mark is a Chartered Accountant and is a member of the Association of Corporate Treasurers. Previously, Mark has worked as a non-executive chairman of Superglass Holdings plc and was part of the team that turned around the business before its sale in 2016. He has also served as VP of finance at Jacobs Engineering and was finance director of Babtie Group Ltd until the sale of the company to Jacobs Engineering in 2004, when he then took up a wider finance role within Jacobs.
In line with the recommendation from the Financial Conduct Authority (“FCA”) that all listed companies delay the publication of their financial results for at least two weeks, the Company confirms that the annual financial results will be delayed until the Company and their auditors are satisfied it is appropriate to release them. The request of the FCA was a market-wide communication as a precautionary mechanism to assist audit sign-off processes amidst the current Coronavirus pandemic. A link to the FCA’s announcement can be found below at https://www.fca.org.uk/news/statements/fca-requests-delay-forthcoming-announcement-preliminary-financial-accounts , and the FRC’s announcement here https://www.frc.org.uk/news/march-2020-(1)/frc-supports-moratorium-in-corporate-reporting.
In line with previous guidance, the Company confirms that it expects to report revenues slightly ahead of expectations, with underlying profitability in line with market forecasts.
Jane Annear, Managing Director of Concurrent Technologies, commented:
“We are delighted to welcome Mark to the Board of Concurrent Technologies. Mark brings an excellent background of plc and commercial experience to the Board and will complement the skillset of the existing board members. We look forward to working with Mark to ensure that Concurrent Technologies continues to be well positioned in the future and is aligned with the available market opportunities.”
|Concurrent Technologies Plc|
|Jane Annear, Managing Director/ CEO –||+44 (0)1206 752626|
|Newgate (Financial PR)|
|Bob Huxford –||+44 (0)20 7653 9848|
|Isabelle Smurfit –||+44 (0)20 7653 3411|
|Cenkos Securities Plc (NOMAD)|
|Neil Mcdonald –||+44 (0)131 220 9771|
|Peter Lynch –||+44 (0)131 220 9772|
Note to Editors:
About Concurrent Technologies Plc
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, including applications within extremely harsh environments. The processor products feature Intel® processors, including the latest 9th generation embedded Intel® Core™ processors, Intel® Xeon® and Intel® Atom™ processors. The products are designed to be compliant with industry specifications and support many of today’s leading embedded Operating Systems. The products are sold world-wide.
For more information on Concurrent Technologies Plc and its products please visit www.gocct.com.
All trademarks, registered trademarks and trade names used in this announcement are the property of their respective owners.
Save for the information set out herein, there are no further disclosures to be made in accordance with Rule 17, Schedule Two (g) of the AIM Rules for Companies in respect of the appointment of Mark Cubitt.
|Current Directorship/Partnerships||Beeks Financial Cloud Group Plc|
|RHA Technologies Ltd|
|Previous Directorship/Partnerships||Denholm Oilfield Services (Azerbaijan) Limited|
|Denholm Oilfield Services Limited|
|SDL Denholm Limited|
|KSW Engineering Limited|
|Industrial Air Power Limited|
|Superglass Holdings Limited|