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.
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
Kim Garrod - CFO
|
+44 (0)1206 752626
|
|
Alma Strategic Communications
Hannah Campbell
Josh Royston
Will Merison
|
+44 (0)20 3405 0205
|
|
Cavendish Capital Markets Limited
(NOMAD)
Neil McDonald
Peter Lynch
|
+44 (0)131 220 9771
+44 (0)131 220 9772
|
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.