New Contract Wins

Concurrent Technologies PLC

06 June 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.

6 June 2024

Concurrent Technologies Plc

(the "Company" or the "Group")

Two new contract wins through recently acquired Phillips Aerospace in the US

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 two important contracts via the recently acquired Phillips Aerospace. With a total value of $518k, the products are new offerings directly related to the Group's stated strategy for providing integrated computer systems.

One contract is with a US based defence company to supply a rugged conduction cooled chassis to host the customer's own Plug-in-Cards. The Company will undertake the design engineering, production, and testing of the chassis, representing the Company's first rugged Systems win. The contract combines Phillips Aerospace expertise in custom avionics systems and Concurrent Technologies' long-term relationship with the customer. This order is a design win and follow on orders are expected in the coming years. Additional contracts and strategic opportunities are also being discussed with the same customer.

The second contract is to provide 2-slot systems that have been developed over the last year as part of a roadmap to align designs with the DoD "Sensor Open Systems Architecture" (SOSA) standard. The customer sells unique software solutions, and has its own specific computing hardware, but is now targeting to market a complete hardware and software solution that aligns with the SOSA standard. The 2-slot system incorporates a Concurrent Technologies' computer PIC, as well as a rugged GPU provided by its partner, Eizo Rugged, highlighting the value of the combined Systems and Boards offering. Further contracts with this customer are expected in the future.  

Miles Adcock, CEO of Concurrent Technologies, commented: "These contract wins reinforce the rationale for acquiring Phillips Aerospace, where we now have a combined entity that is capable of winning and executing Systems contracts, such as these, with the potential for material multi-year revenues. We have the ambition over the next few years to grow our Systems revenue to the same size as our traditional PICs business and we expect to be able to announce further deals through the year to support this."   

Enquiries:

Concurrent Technologies Plc Miles Adcock - CEO Kim Garrod - CFO	[phone]
Alma Strategic Communications Josh Royston Hannah Campbell	[phone]
Cavendish Capital Markets Limited (NOMAD) Neil McDonald Peter Lynch	[phone] [phone]

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.

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

 

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