Source: Sharecast
The AIM-traded designer and manufacturer of computer products and mission-critical systems said it had agreed terms for a new 10-year lease on around 14,800 square feet of refurbished office space adjacent to its existing Colchester facility.
Office-based staff would relocate to the new building, freeing up space within the group’s current 19,000-square-foot site to be reconfigured for additional manufacturing capacity and improved production efficiency.
At the same time, Concurrent said it had agreed terms for a new 10-year lease at its existing site, securing the expanded production footprint beyond the mid-2030s.
The group said the revised approach would allow it to accelerate capacity expansion while avoiding the cost and delays associated with relocating to a new property.
Concurrent would also continue with its previously-announced investment in new machinery to double printed circuit board assembly capacity.
The company said it expected to complete the facility upgrades and move into the new office building in the first half of 2026.
“We are confident that this new plan, which emerged as a more attractive option as we became aware of delays to the original project, puts us in a stronger position to meet growing demand,” said Miles Adcock, chief executive.
“By relocating office-based teams into high-quality space next door, we can quickly expand our factory footprint and invest in the additional capacity needed to support our growth.”
At 1521 GMT, shares in Concurrent Technologies were down 1.57% at 219p.
Reporting by Josh White for Sharecast.com.