Concurrent achieved solid growth in FY25, with revenue rising c14% to £45.9m and PBT up strongly to £6.5m, an increase of c26% and slightly ahead of forecast. The move to the RDEC scheme for R&D tax credits meant the effective tax rate was 22.4% versus our substantially underestimated 0% and reported basic EPS of 5.86p, 18.9% lower than our forecast 7.23p. Both Products and Systems business units contributed to the solid revenue growth, despite a slower US market during 2H25 caused by the shutdo ....
