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(Sharecast News) - SRT Marine Systems said on Friday that it had signed a £5m one-year support contract for an existing SRT-MDA maritime surveillance deployment with a long-standing sovereign customer.
The AIM-traded provider of maritime surveillance and safety systems said the contract runs from 1 January to 31 December this year, and covers technical support and data services for the customer's operational SRT-MDA system.
SRT said it was the second annual support contract with the customer and was larger than the first, reflecting increased use of the system.
It added that recurring annual support contracts were expected to grow in value as the customer expands its SRT-MDA system through future system expansion contracts.
Chief executive Simon Tucker said the agreement reflected an "important long term sovereign partnership with significant future system growth ambitions".
"This further system support contract, which provides a blend of services for our existing system, is a strong example of our long term, multi revenue stream business model delivering value for both SRT and the customer, who relies daily on a state of the art digital maritime surveillance system," he said.
At 1201 BST, shares in SRT Marine Systems were up 0.61% at 89.04p.
Reporting by Josh White for Sharecast.com.
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