Aerial reconnaissance specialist Strat Aero PLC (LON:AERO) received a much-needed boost from a contract award worth £1.1mln.
The company’s wholly-owned Geocurve subsidiary has been awarded a contract to provide a 3D and virtual reality (VR) survey service for the Environment Agency's Thames Estuary Asset Management 2100 programme.
The contract initially provides fixed revenue of £1.1mln over three years, with work beginning within the current quarter.
The contract award follows the successful completion of a 'proof of concept' trial.
READ Strat Aero shares fly higher on eye-in-the-sky survey deal
"With this contract win Geocurve has demonstrated its potential to become a UK market leader in the supply of virtual reality and artificial intelligence surveying services to specialist customers on critical projects such as the Thames flood defences,” said Trevor Brown, Strat Aero’s executive director.
“Geocurve's use of innovative technology gives it the potential to transform the nature of surveying," Brown added.
Shares in Strat Aero rose 14% to 0.0656p on the news but are down 99.5% over the last five years.