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
Miles Adcock - CEO
Kim Garrod - CFO
|
+44 (0)1206 752626
|
|
Alma Strategic Communications
Josh Royston
Hannah Campbell
|
+44 (0)20 3405 0205
|
|
Cavendish Capital Markets Limited (NOMAD and
Broker)
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.gocct.com.
All trademarks, registered trademarks and trade names used in
this announcement are the property of their respective
owners.