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.
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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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