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Software Radio Technology shares rise as it lands orders worth US$7mln

Last updated: 03:19 14 Mar 2013 EDT, First published: 04:19 14 Mar 2013 EDT

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Shares in Software Radio Technology (LON:SRT) advanced around 17% in early deals as it landed orders worth US$7mln.

The orders are for SRT’s Class A AIS products, which are used to track ships, and have been secured with North American customers. The orders are the result of a new requirements that are expected to come into force this year.

SRT expects to bank US$2.6mln of the orders in the current financial year, before the end of this month.

"This is a demonstration of how the global AIS market is growing,” said chief executive Simon Tucker.

“AIS is now an established marine technology and with only a very small proportion of the global vessel fleet fitted so far and momentum building, I expect we will see more of the same in the future.”

On AIM the shares are up 3.12p or 15% trading at 23.25p each.

 

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