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.
24 April 2024
Concurrent Technologies Plc
(the "Company" or the "Group")
New Contract Win With US Based Aerospace and Defence Company,
Notice of Results and Investor Presentation
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 a $1.57M contract with a major global US Prime Contractor (the "Contractor"), to supply Commercial-Off-The-Shelf (COTS) products and testing services as part of the Contractor's technology upgrade program.
This contract follows a prior $0.32M purchase order placed for the initial design engineering required to scope this work, delivering a total programme value to date of $1.9M.
A significant proportion of the programme value relates to the Company's products undergoing proof of concept work and rigorous testing by the Contractor to demonstrate the integration capability into its platform. Provision of such value-add services is an element of the Company's strategy to be a provider of systems and systems integration services to the sector. The Company routinely sells COTS products into the defence market where thorough testing and product proving is required to qualify subsystems, which represents a new capability and revenue stream for the Company.
This product includes some uniquely configured assemblies and minor customer specific modifications, such that the Group classifies the deliverables as Mostly-Off-The-Shelf (MOTS) rather than COTS. This approach is an important aspect of the Company strategy for future growth.
In addition, the contract includes the delivery of five computer board assemblies, with the expectation of commercial scale volumes being purchased by the Contractor in due course.
The product is designed to replace existing end-of-life equipment from an incumbent supplier on an aircraft as part of that aircraft's current upgrade programme, providing the customer and end user with a substantial technology upgrade.
This contract win further validates the Company's strategy to supplement the delivery of standard products with a more tailored offering individual customers; an essential capability for the provision of more complex systems particularly into the defence market, which now accounts for 85% of the Group's revenue.
Notice of Results
The Company confirms that it will announce its results for the year ended 31 December 2023, on Wednesday, 1 May 2024.
Analyst Meeting
An analyst webinar will be held at 9am on the morning of results. Analysts wishing to join the presentation can register by emailing concurrent@almastrategic.com.
Investor Meeting
The Company will also provide a live investor presentation through the Investor Meet Company platform at 10:30am on Thursday 9th May. The online presentation is open to all existing and potential shareholders.
Investors can sign up to Investor Meet Company for free and add themselves to the meeting via this link: https://www.investormeetcompany.com/concurrent-technologies-plc/register-investor. Investors who have already registered will be automatically invited. Questions can be submitted pre-event via the IMC dashboard up to 9am the day before the meeting or any time during the live presentation.
Miles Adcock, CEO of Concurrent Technologies, commented: "This is an important programme of work for us, drawing on our deep technical expertise in high end specialist computer boards in the UK, our strengthened ability to understand and manage system level engineering, combined with now being authentically a US based operation. From our team in LA, we are conducting the customer facing Programme Management, and managing the domestic information security compliance which is essential to executing business like this. It is a very pleasing additional proof point of the progress we are making."
Enquiries:
| Concurrent Technologies Plc Kim Garrod - CFO
|
+44 (0)1206 752626 |
| Alma Strategic Communications Hannah Campbell |
|
|
Peter Lynch |
+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.gocct.com.
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