Largest single contract win

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 its largest single contract to date for $4.46M to supply computer plug-in-cards to a major US Defence and Aerospace prime contractor.

The contract is for a large number of multiple standard products from the Company's refreshed product portfolio. The products are being used in a major Department of Defence programme to upgrade specific sensing equipment used in different aircraft types across multiple fleets.

Concurrent Technologies has been working closely with this customer for over two years on smaller defence capability upgrade programmes, demonstrating commitment to the relationship and developing trust and technical credibility. The Company was able to secure this win due to the strength of its relationship and growing track record with this US customer, along with its ability to deliver the latest technical features.

Miles Adcock, CEO of Concurrent Technologies, commented: "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, demonstrating the benefit of the Group's refreshed product development approach. Not only is it our largest ever contract, it's also our largest ever design-win. With an anticipated lifetime value in excess of $40M, this is a significant opportunity for the Company with sizeable purchase orders expected for the next seven to 10 years."