26th Jul 2019 13:33
(Alliance News) - Remote Monitored Systems PLC on Friday noted GyroMetric Systems Ltd's announcement of new orders and upcoming delivery on a contract.
Shares in survey, inspection and monitoring company Remote Monitored were up 8.7% at 0.62 pence on Friday afternoon.
Remote Monitored has a 58% interest in GyroMetric, which has received new orders for new-build installations from its "longest standing end customer". The order comes under GyroMetric's Marine Drives business.
GyroMetric is also on track to deliver test instrumentation to "a well-known UK industrial group" as part of a contract in its Oil & gas business. The test will held validate GyroMetric's technology and help "work out the best form of partnership".
"Once the test results start to flow GyroMetric expects to receive orders for specific applications as well as assessing how GyroMetric's technology might influence future product design. Field diagnosis of recurring problems is of particular interest and GyroMetric's new laser sensor has particular value in ease of installation," GyroMetric said.
GyroMetric's Offshore Wind Turbines business is also working in conjunction with "two major manufacturers of offshore wind turbines" on large turbine trials, but said the trial timescale is extended and likely to be subject to delays outside its control.
Remote Monitored Executive Director Trevor Brown said: "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. It is clear that the potential uses for GyroMetric's remote monitoring products are already exceeding our original expectations."
Related Shares:
RMS.L