What does RMS do?
While the business originally focused on drone technology, RMS has now turned its gaze squarely on remote monitoring software after last September's purchase of a controlling stake in GyroMetric, a firm that develops technology to digitally assess rotating shafts.
Upping its stake to 57.8% from 36.9% for £273,600, this led the board to change the group's name from Strat Aero to reflect the new focus, though its still wholly owns Geocurve, a survey and inspection specialist.
Geocurve provides its services to a range of major blue-chip companies and government agencies, with examples including land surveys, mobile mapping surveys and virtual reality surveys.
- A July update revealed Geometric technology was gaining considerable interest in several markets, including for use in marine drive systems (e.g. rudder propellers), wind turbines and in the oil & gas sector.
- In July, Geocurve agreed to set up a mobile mapping joint venture with established survey specialist Landscope Engineering Ltd, a 15-year old company specialising in providing survey and data management service to the engineering, built infrastructure and environmental sectors in the UK and Ireland.
- The intention of the JV is to combine knowledge and “create a centre of excellence in mobile mapping” with the ultimate goal becoming a market leader in the acquisition and analysis of mobile mapping data.
- In March, RMS put in place cost-saving measures to offset a slow start to 2019 by Geocurve, largely as a result of the need to dedicate more resources than expected to the Environment Agency's Thames Estuary Asset Management 2100 (TEAM2100) programme. However, a number of contracts with new clients have been won that should begin to contribute to sales in the second quarter.
- A process to identify a successor for Gary Nel, the managing director and founder of Geocurve, is underway.
- A January fundraising £350,000 was to fund growth in the core business and help clear debt.
What the CEO says
In July's trading update, RMS chief executive Trevor Brown said: "GyroMetric continues to find new markets and applications for its unique technology, some of which have become apparent only recently. This process of exploring new applications continues apace and we expect to provide further updates to shareholders as matters progress,” said Trevor Brown, the executive director of Remote Monitored Systems.
“It is clear that the potential uses for GyroMetric's remote monitoring products are already exceeding our original expectations," he added.
In March he said the company was looking forward to “renewed growth in sales to new clients” at Geocurve.