Concurrent (AIM: CNC) - a leading designer and manufacturer of high-performance embedded computing solutions - has accelerated growth by over 120% in the last 12 months alone, following its strategic partnership with culture measurement and management platform, Culture15.
One of the fastest growing stocks on the AIM [the FTSE junior market], the UK-based tech firm, which produces mission-critical solutions across sectors like aerospace and defence, has revealed in its latest trading update that it expects to report both revenues and profit before tax at approximately 10% ahead of market expectations, culminating in a £41 million turnover for its FY24. This being a 25% increase compared to its FY23.
Under CEO, Dr. Miles Adcock, who took over in 2021, the company has taken deliberate steps to achieve growth by recruiting top talent, refining processes and fostering a strong cultural foundation. As such, the leadership team turned to Culture15's SaaS tool to provide the data-led insight needed to align culture with its commercial strategy.
Timing proved ideal as Concurrent acquired Phillips Aerospace shortly after its partnership with Culture15 commenced. Based in Los Angeles, Phillips Aerospace had long provided rugged, custom systems for US defence clients, giving Concurrent access to a larger market, together with enhanced design and manufacturing capabilities in the aerospace sector.
With an expanded workforce across multiple time zones and sectors, a more cohesive approach to uniting diverse teams through behaviours and processes was nonetheless required.
Across 2024, Concurrent used Culture15 to conduct regular diagnostics of its culture, allowing it to align the newly integrated teams. By assigning objective, numerical values to desired collective behaviours, the platform gave Concurrent the understanding they needed to close the "Culture Gap®" between current and desired culture.
Culture15's SaaS platform allowed the leadership team to identify strengths, address areas for growth and take targeted action to progress towards the company's cultural and strategic goals.
The benefits of these efforts are reflected in Concurrent's performance, with substantial talent growth and record-breaking financial gains recorded, as affirmed by the impressive rise in its share price during the days following its market update. On the day of writing this, the share price currently sits at 185.80 GBX.
Recent wins, including a $4.46 million contract for computer plug-in cards for a major US defence client underscore Concurrent's progress in key markets.
Looking forward, Concurrent plans to continue biannual cultural analyses, ensuring the company remains agile as it navigates industry demands. Additionally, Concurrent may begin implementing Culture15's new AI-powered verbatim tool, which translates qualitative narratives on culture - from one
of 26 languages - into quantitative metrics, and actionable insights, serving to drive further innovation and growth.
CEO of Concurrent , Dr. Miles Adcock, commented on the partnership, stating "Culture15 has been a profoundly important element of transforming the business for both the short term, but perhaps more importantly, the much longer term."
Charlie Coode, CEO and Founder of Culture15, added "We're thrilled to see Concurrent achieving such remarkable success, particularly as they make use of our platform and its insights to support their ambitious goals. Their progress shows just how culture and growth go hand in hand".
