Concurrent Technologies wins $1.57m contract with US client

24th Apr 2024 13:12

(Sharecast News) - Concurrent Technologies announced a $1.57m contract with a major global US prime contractor on Wednesday, for the supply of commercial-off-the-shelf (COTS) products and testing services as part of the contractor's technology upgrade programme.

The AIM-traded firm said the win followed a previous $0.32 million purchase order for initial design engineering, bringing the total programme value to $1.9m.

It said a significant portion of the contract value involved proof-of-concept work and testing by the contractor to demonstrate integration capability into its platform.

That aligned with Concurrent's strategy to provide systems and integration services to the sector, presenting a new revenue stream.

The board said the products supplied would include uniquely-configured assemblies and minor customer-specific modifications, classified as 'mostly-off-the-shelf' (MOTS) rather than COTS.

Additionally, the contract entailed the delivery of five computer board assemblies, with potential for further volumes to be purchased by the contractor in the future.

The products were designed to replace end-of-life equipment from an incumbent supplier on aircraft, offering substantial technology upgrades to the customer and end-user.

"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," said chief executive officer Miles Adcock.

"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."

At 1242 BST, shares in Concurrent Technologies were up 0.32% at 92.8p.

Reporting by Josh White for Sharecast.com.