Concurrent Technolgies secures £2.2m air defence contract

21st Dec 2023 15:37

(Sharecast News) - Concurrent Technologies announced a contract worth £2.2m on Thursday for supplying VME processor boards to a significant multinational European defence prime contractor for integration into air defence systems.

The AIM-traded firm said the contract would span five years to align with air defence system production.

It said its VME boards were engineered and tested to endure challenging environmental conditions, making them a preferred choice for the client due to their ability to meet technical and security requirements.

Additionally, the contract offered robust support options.

"We are delighted to have competitively won this contract for a product that is core to our business," said chief executive officer Miles Adcock.

"VME technology has been around for a while, and our commitment to continue to invest in providing leading-edge products that utilise VME really matters to many customers.

"As a business, our VME product range is a solid complement to our novel VPX products that take advantage of the newer open standard architectures that are primarily driven by US-based customers."

At 1508 GMT, shares in Concurrent Technologies were up 0.2% at 76.65p.

Reporting by Josh White for Sharecast.com.