Largest single contract win

Concurrent Technologies PLC

20 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.

20 June 2024

Concurrent Technologies Plc

(the "Company" or the "Group")

Concurrent Technologies announces its largest single contract win

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 its largest single contract to date for $4.46M to supply computer plug-in-cards to a major US Defence and Aerospace prime contractor.

The contract is for a large number of multiple standard products from the Company's refreshed product portfolio. The products are being used in a major Department of Defence programme to upgrade specific sensing equipment used in different aircraft types across multiple fleets.

Concurrent Technologies has been working closely with this customer for over two years on smaller defence capability upgrade programmes, demonstrating commitment to the relationship and developing trust and technical credibility. The Company was able to secure this win due to the strength of its relationship and growing track record with this US customer, along with its ability to deliver the latest technical features.

Miles Adcock, CEO of Concurrent Technologies, commented: "We had the right products available at the right time to satisfy the needs of our customer, enabling us to participate in this important upgrading of capability for the US Air Force, demonstrating the benefit of the Group's refreshed product development approach. Not only is it our largest ever contract, it's also our largest ever design-win. With an anticipated lifetime value in excess of $40M, this is a significant opportunity for the Company with sizeable purchase orders expected for the next seven to 10 years."

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.

 

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