LONDON: Concurrent Technologies Plc (AIM: CNC) has announced a $3.72 million contract with a leading defense platforms provider in Asia.
The company’s Systems business unit in Los Angeles will deliver rugged systems for next-generation armored vehicle demonstrators.
Initial deliveries, including air-cooled R&D units for software development, are expected in 2025, with most revenue recognized in that year.
Concurrent Technologies, which works with distributors outside the UK and USA, recently hosted a global conference to present its growth ambitions and new Systems offerings. This event played a key role in securing the contract in Asia. Concurrent sent a team to the region to collaborate with the distributor team and shape the solution.
CEO Miles Adcock highlighted the significance of this order, noting it was secured after competing against large, well-established corporations. This contract, along with smaller wins, is boosting the company’s Systems business in LA. Following the acquisition of Phillips Aerospace in September 2023, Concurrent expects rapid business expansion in 2025, aligning with their move into a new LA facility in early 2025 and ongoing recruitment efforts.
This contract represents a major milestone for Concurrent Technologies, demonstrating their ability to win complex systems development and delivery contracts.