Concurrent Technologies PLC on Thursday said it secured a major contract to support an upgrade programme initiated by the US Department of Defense.
The Colchester, England-based company is the designer and manufacturer of computer products for use in critical embedded applications.
As announced today, the company secured its largest-ever contract, worth $4.5 million. The deal will see Concurrent supply computer plug-in-cards to an existing customer in the US aerospace and defence sector.
The products will be used in a US Air Force programme to upgrade sensing equipment used in different aircraft types across multiple fleets.
Chief Executive Officer Miles Adcock said: ‘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.
‘Not only is it our largest-ever contract, it’s also our largest ever design-win. With an anticipated lifetime value in excess of $40 million, this is a significant opportunity for the company with sizeable purchase orders expected for the next seven to 10 years.’
Concurrent shares were up 4.9% to 106.98 pence each in London on Thursday morning.
Copyright 2024 Alliance News Ltd. All Rights Reserved.
