REG - Concurrent Tech. - $3.72m Systems contract secured in Asia

Concurrent TechnologiesAnnouncement

12/11/2024 07:00

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RNS Number : 8654L  Concurrent Technologies PLC  12 November 2024

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12 November 2024

Concurrent Technologies Plc

(the "Company" or the "Group")

 

$3.72m Systems contract secured with leading defence provider in Asia

 

Concurrent Technologies Plc (AIM: CNC), a designer and manufacturer of
leading-edge computer products, systems, and mission-critical solutions used
in high-performance markets by some of the world's major OEMs, announces that
its Systems business unit in Los Angeles has secured a $3.72m contract, with a
leading defence platforms provider in Asia.

 

Working closely with the Company's local sales partner, Concurrent will
deliver rugged systems to be used in next-generation armoured vehicle
demonstrators, and earlier deliverables include air-cool R&D units to
enable software development. Delivery of the finished systems is due during
2025, and therefore it is expected that most of the associated revenue will be
recognised in that year. The demonstrations trials may inform a future
decision to make more same or similar system.

 

Outside the Company's direct sales markets in the UK and USA, Concurrent works
with distributors. Earlier this year, the Group hosted a well-attended global
conference which introduced distributors to Concurrent's growth ambitions and
new Systems offering. The event played a key role in unlocking this
opportunity in Asia, following which Concurrent sent a team to the region to
work with the distributor team for several days to shape the solution.

 

Miles Adcock, CEO of Concurrent Technologies Plc, commented: "This is one of
the most significant orders ever received by Concurrent, secured after
competing against some large well-established corporations. It is a clear
testament to our ability to win complex systems development and delivery
contracts. This contract, along with our growing portfolio of smaller wins, is
also fuelling our Systems business in LA. Following the acquisition of
Phillips Aerospace in September 2023, we are poised to see the business
rapidly expand in 2025. It's great timing as we prepare to move into our new
LA facility in Q1 2025, with our recruitment efforts well underway to bring in
top talent."

 

Enquiries:

 

 Concurrent Technologies Plc

Miles Adcock - CEO

                                          +44 (0)1206 752626
 Kim Garrod - CFO

 Alma Strategic Communications              +44 (0)20 3405 0205

Hannah Campbell

 Josh Royston

 Will Merison

 Cavendish Capital Markets Limited (NOMAD)  +44 (0)131 220 9771

Neil McDonald

                                          +44 (0)131 220 9772
 Peter Lynch

 

About Concurrent Technologies Plc

 

Concurrent Technologies Plc develops and manufactures high-end embedded
plug-in cards and systems 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 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.concurrent.tech (http://www.concurrent.tech) .

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