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(Alliance News) - Concurrent Technologies PLC on Monday said it secured a contract with an unnamed FTSE 250 firm to supply a custom set of embedded systems for a national defence installation.
Shares in Concurrent were up 4.2% to 71.34 pence each in London on Monday morning.
The Essex, England-based designer and manufacturer of computer boards said the contract is valued at around GBP1.2 million, a "milestone" for the company, as it marks its first systems contract worth over GBP1 million in total revenue value. The company didn't name the customer.
Concurrent said it will deliver embedded systems units through to 2025, with half of the total revenue expected to be recognised in 2023. This builds on completing a prior GBP200,000 preliminary design contract, it said.
"In line with the company's announcement last year to expand its product offering into the embedded systems market alongside the existing plug-in-cards business, the contract serves as a validation of the company's strategy," Concurrent said in a statement.
"Furthermore, whilst Concurrent has an existing relationship for embedded cards with the customer, the addition of embedded systems significantly extended the company's reach, enabling it to successfully compete for and secure this opportunity."
Chief Executive Officer Miles Adcock added: "This exemplifies how the provision of fully integrated embedded systems generates significant value for our customers. While our plug-in-cards form only a relatively modest proportion of the total deliverables, it is the additional systems integration and real-time software that creates the capability our customer requires.
"We are pleased to have won this in competition, and I have great confidence in the growth of our embedded systems business."
On Wednesday last week, Concurrent said it signed a distribution agreement with Biscay, Spain-based ethernet communication equipment supplier System-on-Chip Engineering SL, which will allow it to offer SoC-e's portfolio of Relyum advanced networking solutions to UK and US markets.
The deal further strengthened its position in the delivery of solutions for the aerospace and defence sectors, Concurrent said.
By Greg Rosenvinge, Alliance News reporter
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