'Moderate growth' is on the cards at the single board computer designer for the current year, with 'strong growth' in 2002. Not surprisingly, Concurrent has been hit hard by the slowdown in the telecoms market, which it admits has been sharper than it expected. However, it put a positive spin on this by saying that it could focus on higher margin work from other sectors, such as medical imaging, air traffic control and defence markets. These areas are much more immune to a global downturn. In the six months to June, turnover rose 8% to £3.9m with pre-tax profits doubling to £600,000. Earning per share rose 69% to 0.54p, and there is £2.25m of cash in the bank. A US acquisition is still on the cards with a Letter of Intent already signed - managing director Glen Fawcett expects this to have been completed by the end of the fourth quarter.