Last close As at 07/09/2026
GBP2.80
▲ 15.00 (5.66%)
Market capitalisation
GBP244m
Research: TMT
Concurrent Technologies reported strong H126 results with order intake accelerating through Q226 and into Q326. Due to the positive order momentum, management expects to beat FY26 consensus revenue and PBT. The increasing proportion of multi-year orders and strong design win activity are providing the company with better visibility over medium-term growth, and recent investment in capacity and office expansion should support the business as it scales.
Concurrent reported revenue of £23.2m (+10% y-o-y), EBITDA of £4.8m (+20% y-o-y, margin 20.7%), PBT of £3.2m (+19% y-o-y) and EPS of 2.93p (+5%). Products revenue was 10.6% higher and Systems was 7.0% higher, with the Systems business turning a profit for the first time and the Products business introducing five new products. Capacity expansion in the UK is nearly complete, doubling potential output, and in the face of tightness in the component supply chain, Concurrent has secured DRAM supply up to the end of FY27.
The company’s strategy to be first to market with the latest technology and its proactive supply chain management are helping it to win business. H1 order intake of £46.9m was 110% higher year-on-year and in line with the order intake for the whole of FY25; orders year-to-date stand at £68m. H1 design wins with a lifetime value of £129m (vs £145m for FY25) provide the foundations for production orders in the medium term. With a large proportion of H126 orders received towards the end of Q2, the company expects an H2-weighted performance with revenue and profit materially higher half-on-half. Now that the Systems business is profitable, management has the bandwidth to address M&A, and would consider a mature business that adds capability, either for the existing product range or for adjacent technology.
The company expects to materially exceed pre-results consensus revenue for FY26 (£52m) and to exceed PBT (£8m), with the phasing of production orders potentially depressing gross margins in H226 before expanding in FY27. FY26 consensus revenue has increased 9% while PBT is 2% higher. The share is on a premium rating, in our view factoring in further upgrade potential and reflecting the increasing visibility over medium-term growth.
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Consensus estimates |
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| Year end | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (p) | DPS (p) | P/E (x) | Yield (%) |
| 12/24 | 40.3 | 7.8 | 5.2 | 5.20 | 1.10 | 53.8 | 0.4 |
| 12/25 | 45.9 | 10.1 | 6.5 | 5.58 | 1.16 | 50.2 | 0.4 |
| 12/26e | 56.6 | 12.0 | 8.3 | 7.16 | 1.29 | 39.1 | 0.5 |
| 12/27e | 63.9 | 14.7 | 10.6 | 9.18 | 1.40 | 30.5 | 0.5 |
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Research: TMT
Team Internet’s H1 results were in line with the July trading update. DIS’s 28% EBITDA growth should support the disposal process, with discussions ongoing with multiple parties. Management continues to expect a valuation materially above $160m, with completion around year-end. Comparison is establishing itself as the key pillar of the post-DIS story, with H1 net revenue up 38% and EBITDA up 56%. Growth remains predominantly DACH-led, but new channels, such as Google Shopping ads, broaden the opportunity, and France is now profitable. Search has completed its transition away from AFD and returned to profit in June, although RSoC remains unpredictable as the model matures. Our estimates look well-supported with a sum of the parts (SOTP) returning a 60–70p fair value.