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.
30 September 2024
Concurrent Technologies
Plc
(the
"Company" or the "Group")
Concurrent secures Systems
design win contract with blue chip US customer
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, is
pleased to announce that the Systems business has been awarded a
design win contract with a large US defence prime contractor for an
initial $255k.
The Company will provide low-rate
initial production ("LRIP") units, following an earlier contract to
design this customer specific solution. Having secured this design
win, it's anticipated that full rate production ("FRP") purchase
orders will follow for several years, with a potential lifetime
value of approximately $5m. This contract award represents the
largest designed in systems programme that the Systems business
unit has won to date.
The customer also recently awarded
Concurrent a $133k initial contract for systems related
electronics, representing a separate design win with an anticipated
lifetime value of $1.7m.
Miles Adcock, CEO of Concurrent Technologies Plc,
commented: "We're building pipeline
momentum with our Systems business unit in Los Angeles, and I'm
delighted with the confidence that this tier one blue chip customer
is placing in us as we now start to manufacture mission critical
products for them.
"This is a customer we've been working with for the last two
years, and with these first two programmes having a lifetime value
of c.$7m over several years, they represent a material uplift in
future revenue potential on what has historically been a c.$2m per
annum business prior to our acquisition.
"These wins give us further confidence that we can win systems
work from the major OEM's, thus supporting our strategy for
initiating a dedicated systems business in addition to our
long-term single board computer business. Alongside the
recent strategic hires in LA, our systems business is well placed
for growth."
Enquiries:
|
Concurrent Technologies Plc
Miles Adcock - CEO
Kim Garrod - CFO
|
+44 (0)1206 752626
|
|
Alma Strategic Communications
Josh Royston
Hannah Campbell
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.