Drone service company Strat Aero PLC (LON:AERO) has landed a UK deal worth up to £2.5mln for “eye-in-the-sky” environmental survey work, boosting its shares by 70%.
Strat Aero’s Geocurve arm has won another contract to provide aerial inspection and level survey services to the Environment Agency’s Thames Estuary Asset Management 2100 programme.
Geocurve has already completed an aerial study of the Isle of Grain in Kent for the agency.
Strat Aero could make about £1mln of revenue from the TEAM2100 programme in the next 18 months and £2.5mln over the lifetime of the programme.
The news will come as a boost to the company, whose shares reacted with a 0.3p, or 70.6%, rise to 0.72p.
But it still may provide little solace to those investors who bought into Strat Aero when it listed on AIM in late 2014, when the shares were worth 13.5p.
In September 2015, the company reported widened half-year losses and changed its chief executive.
And in April this year, its shares fell as it said it had filed legal action against the former chairman and chief executive of its Aero Kinetics subsidiary.
There was better news in August when it received Civil Aviation Authority approval to offer CAA-certified drone pilot training programmes.