REG - Concurrent Tech. - US Contract Win and Notice of Results

Concurrent TechnologiesAnnouncement

24/04/2024 07:00

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RNS Number : 7503L  Concurrent Technologies PLC  24 April 2024

This announcement contains inside information as stipulated under the UK
version of the Market Abuse Regulation No 596/2014 which is part of English
Law by virtue of the European (Withdrawal) Act 2018, as amended. On
publication of this announcement via a Regulatory Information Service, this
information is considered to be in the public domain.

 

24 April 2024

 

 

Concurrent Technologies Plc

(the "Company" or the "Group")

 

New Contract Win With US Based Aerospace and Defence Company,

Notice of Results and Investor Presentation

 

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, has secured a
$1.57M contract with a major global US Prime Contractor (the "Contractor"), to
supply Commercial-Off-The-Shelf (COTS) products and testing services as part
of the Contractor's technology upgrade program.

 

This contract follows a prior $0.32M purchase order placed for the initial
design engineering required to scope this work, delivering a total programme
value to date of $1.9M.

 

A significant proportion of the programme value relates to the Company's
products undergoing proof of concept work and rigorous testing by the
Contractor to demonstrate the integration capability into its platform.
Provision of such value-add services is an element of the Company's strategy
to be a provider of systems and systems integration services to the sector.
The Company routinely sells COTS products into the defence market where
thorough testing and product proving is required to qualify subsystems, which
represents a new capability and revenue stream for the Company.

 

This product includes some uniquely configured assemblies and minor customer
specific modifications, such that the Group classifies the deliverables as
Mostly-Off-The-Shelf (MOTS) rather than COTS. This approach is an important
aspect of the Company strategy for future growth.

 

In addition, the contract includes the delivery of five computer board
assemblies, with the expectation of commercial scale volumes being purchased
by the Contractor in due course.

 

The product is designed to replace existing end-of-life equipment from an
incumbent supplier on an aircraft as part of that aircraft's current upgrade
programme, providing the customer and end user with a substantial technology
upgrade.

 

This contract win further validates the Company's strategy to supplement the
delivery of standard products with a more tailored offering individual
customers; an essential capability for the provision of more complex systems
particularly into the defence market, which now accounts for 85% of the
Group's revenue.

Notice of Results

 

The Company confirms that it will announce its results for the year ended 31
December 2023, on Wednesday, 1 May 2024.

Analyst Meeting

An analyst webinar will be held at 9am on the morning of results. Analysts
wishing to join the presentation can register by emailing
concurrent@almastrategic.com (mailto:concurrent@almastrategic.com) .

Investor Meeting

The Company will also provide a live investor presentation through the
Investor Meet Company platform at 10:30am on Thursday 9(th) May. The online
presentation is open to all existing and potential shareholders.

 

Investors can sign up to Investor Meet Company for free and add themselves to
the meeting via this
link: https://www.investormeetcompany.com/concurrent-technologies-plc/register-investor
(https://www.investormeetcompany.com/concurrent-technologies-plc/register-investor)
. Investors who have already registered will be automatically invited.
Questions can be submitted pre-event via the IMC dashboard up to 9am the day
before the meeting or any time during the live presentation.

 

Miles Adcock, CEO of Concurrent Technologies, commented: "This is an important
programme of work for us, drawing on our deep technical expertise in high end
specialist computer boards in the UK, our strengthened ability to understand
and manage system level engineering, combined with now being authentically a
US based operation.  From our team in LA, we are conducting the customer
facing Programme Management, and managing the domestic information security
compliance which is essential to executing business like this.  It is a very
pleasing additional proof point of the progress we are making."

 

 

 

Enquiries:

 

 Concurrent Technologies Plc

Miles Adcock - CEO

                                                     +44 (0)1206 752626
 Kim Garrod - CFO

 Alma Strategic Communications                         +44 (0)20 3405 0205

Josh Royston

 Hannah Campbell
 Cavendish Capital Markets Limited (NOMAD and Broker)  +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.gocct.com (http://www.gocct.com/) .

All trademarks, registered trademarks and trade names used in this
announcement are the property of their respective owners.

 

 

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