12th Nov 2024 16:37
(Alliance News) - Concurrent Technologies PLC on Tuesday said that its Systems business unit in Los Angeles has secured a USD3.7 million contract, with a leading defence platforms provider in Asia.
Concurrent Technologies is a Colchester, England-based designer and manufacturer of computer products for use in critical embedded applications.
According to the terms of the deal, Concurrent will deliver rugged systems to be used in next-generation armoured vehicle demonstrators, and earlier deliverables include air-cool R&D units to enable software development.
Delivery of the finished systems is due during 2025, and it is expected that most of the associated revenue will be recognised in that year.
The demonstrations trials may inform a future decision to make more same or similar systems, added Concurrent Technologies.
"This is one of the most significant orders ever received by Concurrent, secured after competing against some large well-established corporations. It is a clear testament to our ability to win complex systems development and delivery contracts. This contract, along with our growing portfolio of smaller wins, is also fuelling our Systems business in LA. Following the acquisition of Phillips Aerospace in September 2023, we are poised to see the business rapidly expand in 2025. It's great timing as we prepare to move into our new LA facility in Q1 2025, with our recruitment efforts well underway to bring in top talent," said Chief Executive Officer Miles Adcock.
Shares in Concurrent Technologies closed 13% higher at 140.63 pence each in London on Tuesday.
By Holly Beveridge, Alliance News senior reporter
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