Shares in Software Radio Technology, recently flattened by a profits warning, perked up after the the developer and supplier of maritime automatic identification systems (AISs) announced a supply agreement with Russian firm Transas Navigator for class A AIS devices.
The devices are worth $1.25m and are expected to be delivered over the next twelve months in minimum batches of goods to the value of $250,000.
Software Radio's devices have been customised for Transas to suit the features and functions required by local regulations. The approval process is ongoing and is expected to take up to five months.
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The Russian maritime authorities have recently announced a national mandate which means that most commercial vessels will need to fit either class A or class B devices over the next five years.
The company said the initial requirement under the mandate for class A devices will affect an estimated 4,000 of its vessels over the next one to two years. A further 25,000 vessels are expected to require a mixture of Class A and B devices within the five year time-frame.
Shares rose 8.65% to 28.25p.
NR
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