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Remote Monitored Systems pleasantly surprised by uses for GyroMetric's products

A little more than 18 months ago GyroMetric moved out from its first customer base in marine drives to generate interest in much larger markets at a very senior level.

Wind turbine
GyroMetric is working with two major manufacturers of offshore wind turbines.

Remote Monitored Systems PLC (LON:RMS), the survey, inspection and monitoring company, said its Geometric subsidiary’s products are gaining considerable interest in several markets.

GyroMetric Systems has designed a revolutionary way of collecting and analysing digital data from rotating shafts to produce the most detailed predictions of potential mechanical failure available, and its technology is sparking interest for use in marine drive systems (e.g. rudder propellers), wind turbines and in the oil & gas sector.

READ Remote Monitored Systems boosts working capital with loan note issue

These expressions of interest vary from strategic applications at the heart of large corporate developments to immediate needs for specific problems to be solved, Remote Monitored Systems said.

While the company is obviously pleased to be attracting the interest of larger corporations, the downside to this is that they tend to take longer to make a decision on whether to purchase the technology.

“GyroMetric has had to learn to manage both the longer-term strategic opportunities as they develop while applying a different focus to winning orders in the 'low hanging fruit' areas. The good news is that GyroMetric's partners in the latter markets are gearing up the training of their sales teams to expand sales of our products and in the strategic opportunities GyroMetric is either already under contract for test installations or actively involved with the teams planning them,” the company said.

READ GyroMetric Systems Operational Update

In addition to providing a round-up of Gyrometric’s progress in the three markets highlighted earlier (marine drive systems, wind turbines, oil & gas), the company said there have been two key projects completed by GyroMetric's development team that are expected open new markets and reduce costs.

The first is a universal bearing monitor that can be applied much more widely with greatly reduced installation and support costs.

The second is the development of a laser sensor, that can be used instead of induction sensors in some installations. The laser sensor can be fitted at a greater distance from the encoder from which it gathers data and can be built at a fraction of the cost of currently available laser sensors. The new sensor is close to production and general availability.

"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.

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Price: 0.275 GBX

Market: LSE
Market Cap: £1.38 m

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