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Remote Monitored Systems subsidiaries report increased sales and revenues over 2018

In a trading update for the year ended 31 December, the survey, inspection and monitoring firm said Geocurve had reported revenues of £1mln, an increase of 57% year-on-year

Wind turbine
Gyrometric completed successful trials of its Incremental Motion Encoder at a wind turbine drive train test facility in Blyth

Remote Monitored Systems PLC (LON:RMS) has reported that its subsidiaries, Geocurve and GyroMetric, saw increased sales and revenues across 2018.

In a trading update for the year ended 31 December, the survey, inspection and monitoring firm said Geocurve had reported revenues of £1mln, an increase of 57% year-on-year.

READ: Remote Monitored Systems' Geocurve subsidiary accepted into EU's KEEP+ funding programme

Geocurve had also been awarded a £1.1mln contract for 3D and Virtual Reality survey services from the Environment Agency for its Thames Estuary Asset Management 2100 programme and had delivered the initial phase.

The firm had also completed a number of contracts for other customers including Hesselberg Hydro, BAM Nuttall and Aecom, with further growth expected in 2019 as it focused on the acquisition of “major corporate customers”.

Gyrometric, in which RMS holds a 58% controlling interest, continued to increase sales of its active protection system to protect large marine drives, although these had been modest, while during the year it had also completed successful trials of its Incremental Motion Encoder (IME) at the wind turbine drive train test facility at the Offshore Renewable Energy (ORE) Catapult at Blyth.

RMS said these trials had led to “serious interest from two major turbine manufactures”, one of which had signed a contract to test the IME system on its own equipment in 2019 with a further trial scheduled at ORE for the other. Further developments were expected in the new year.

Gyrometric had also agreed a test programme with a major manufacturer of couplings for marine and large industrial applications as well as being in detailed discussions to deploy its equipment to monitor critical machinery in the oil exploration and production sector.

A process to strengthen the firm’s technical sales team was also underway to facilitate growth in the new year.

RMS also ended the year with a cash balance of around £112,000.

Trevor Brown, chief executive of RMS, said the two businesses were “performing impressively” adding that the firm had been able to “deploy available resources towards investment in the most promising future projects”.

“Having spent the last year tuning the engine, your board plans to gently press the accelerator in 2019 and continue to seek further opportunities to enhance shareholder value."

In early trading Wednesday, RMS shares were down 14.3% at 0.75p.

--Adds share price--

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Price: 0.475 GBX

LSE:RMS
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Market Cap: £2.35 m
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