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Software Radio Technology starts shipping US$3.7m Identifier order

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Software Radio Tech (LON:SRT) announced that the first batch of its Identifier vessel identification system for the $3.7million order secured in June has been shipped to the customer.

The first shipment represents 15 percent of the initial order value and the balance is expected to be shipped in two further batches before the end of the year.

The Identifiers will be used to improve safety and security in Central America as part of a US government supported programme. The US$3.7 million order represents around one fifth of the total estimated project requirement.

Further orders are expected to be received over the next two years to complete the project, added Software Radio tech.

“Our supply chain team has done an outstanding job to quickly ramp up production of Identifiers from zero to thousands in a matter of only a few months, whilst still maintaining the required quality,” said chief executive Simon Tucker.

“SRT is working on a number of other projects both larger and smaller in the Middle East and Asia many of which are also expected to move into their implementation phase over the next year.”

Investors welcomed the news, sending shares in the company up six percent to 21.75 pence b 8:40am, valuing the group at £25.2 million.

Quick facts: SRT Marine Systems PLC

Price: 45.8 GBX

LSE:SRT
Market: LSE
Market Cap: £75.23 m
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