Software Radio Tech shares up on US contract

21st Aug 2015 10:06

(ShareCast News) - Shares in Software Radio Technology (SRT) rose after the marine tech company signed at $5m contract with a US authority.At 1011 BST shares AIM-listed SRT were up by 7.09% to 31.33p.SRT did not name who it signed the deal with but said the contract was with a US authority for "national scale maritime monitoring and management capability".Under the contract SRT would supply its AIS Maritime Domain Management system for a "long term programme" with additional phases expected.SRT chief executive Simon Tucker said the contract was part of its validated sales pipeline, which was valued at £200m."We have been working with this customer for over a year, conducting extensive validation trials to ensure that our MDM system meets their demanding requirements within a challenging environment," Tucker said in an announcement.Analysts at WH Ireland said the news was "clearly positive" and its current forecasts unchanged.WH Ireland held a 'speculative buy' recommendation and 40p price target.