24th Apr 2024 12:05
(Alliance News) - Concurrent Technologies PLC on Wednesday announced it had signed a new contract with an undisclosed major US-based aerospace and defence company.
The Essex-based designer and manufacturer of computer products secured a USD1.8 million pact to supply commercial-off-the-shelf products and testing services as part of the contractor's technology upgrade programme.
This follows a previous purchase order worth USD320,000 for the initial design engineering related to this latest contract.
"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," Concurrent said.
The product in development includes uniquely configured assemblies and minor customer specific modifications, an approach believed to be fundamental to company's future growth strategy.
Chief Executive Officer Miles Adcock said: "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."
Following this latest deal the defence market now accounts for 85% of the company's revenue.
Concurrent shares were up 0.9% to 93.30 pence each in London on Wednesday afternoon.
By Elijah Dale, Alliance News reporter
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