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Remote Monitored Systems reports ‘unprecedented level’ of enquiries for Cloudveil business, new order for GyroMetric

"The future looks brighter than it was the last we communicated with our shareholders", said RMS executive director Trevor Brown

Remote Monitored Systems - Remote Monitored Systems reports ‘unprecedented level’ of enquiries for Cloudveil business, new order for GyroMetric
GyroMetric has secured an order for 10 units from a global leader in marine propulsion systems

Remote Monitored Systems PLC (LON:RMS) has said its Cloudveil subsidiary has received an “unprecedented level of enquiries” for its services over the last two months.

In a statement, the company said Cloudveil, which provides security, intelligence and risk management services, has recently won a contract to deliver a governance framework for the security programme of a prominent London based academic institution and is currently bidding to provide a security testing programme to one of the largest public sector institutions in the UK financial services sector.

Cloud veil is also assisting two large UK security guarding firms to manage risks associated with the coronavirus pandemic and is engaged in “detailed discussion” about commercial terms with a number of other potential customers, it added.

READ: Remote Monitored Systems pleased with Cloudveil subsidiary's pilot scheme

RMS also said its GyroMetric business, in which it owns a 58% stake, has secured an order for 10 units from a global leader in marine propulsion systems.

While the revenues from the order will not be material for the company, RMS said the commercial rollout of GyroMetric’s products with a world-renowned client was “a further milestone and testament to the quality of the GyroMetric offering”.

RMS added that the management of both companies were continuing to “carefully marshal the limited cash resources available at present” in anticipation for the broader impacts of the coronavirus pandemic on the economy.

"The board of RMS has been pleased with the trajectory of its most recent investment, Cloudveil, however the recent significant upsurge in demand was unanticipated”, said RMS executive director Trevor Brown.

"It is too early to say clearly what the financial impact will be upon the group's prospects but, combined with the new order for GyroMetric products, the future looks brighter than it was the last we communicated with our shareholders", he added.

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Price: 2.5587 GBX

LSE:RMS
Market: LSE
Market Cap: £40.51 m
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