Shares in MS INTERNATIONAL PLC climbed over 4% to 1,420p after its US subsidiary won one new contract and another contract extension with the United States Navy.
The South Carolina-based subsidiary, MSI-Defence Systems US, was awarded the contract from the Naval Sea Systems Command (NAVSEA) on a sole-source basis for the supply to the US Navy of stabilised gun mounts, beginning with immediate effect.
There is a total contract value of $34.5 million, based on the supply of the gun mounts by December 2026 and associated maintenance and onboard repair.
MSI said it has previously indicated hopes for a longer-term contract, but said the NAVSEA "has decided that, for the time being, it is more efficient and productive to award contracts annually in the future, which also gives them extra flexibility".
"Relationships between the two organisations remain extremely good and we are confident of our ability to continue to work together in the longer term."
Alongside the gun mounts contract, a contract amendment was also awarded by NAVSEA for an electro-optical sight systems supply for an additional amount of $7.6 million, with delivery by November next year.