Digital Barriers wins $8m contract with US federal law agency
(ShareCast News) - AIM-listed Digital Barriers has been awarded a contract with a "major" US federal law enforcement agency and existing customer valued at $7.2m.
The company, which provides visually intelligent solutions to the global surveillance, security and safety markets, said the contract is one of several that were in the final stages of procurement at the time of the group's trading update on 24 March.
As part of the contract, the company will supply specialist surveillance equipment from one of its strategic partners, which this agency uses alongside its installed base of Digital Barriers technology.
The group said it is currently working with this strategic partner to explore the potential for further joint product collaboration that would build upon their combined installed bases.
This latest contract award follows the signature of several smaller awards with other US government customers this month, valued in combination at $800,000. These contracts are all expected to be delivered in full in the current financial year.
In total, the group now has around £15m in contracted sales already secured for delivery in the current financial year.
Chief executive officer Zak Doffman said: "The US remains our most important strategic market, and this latest set of contract awards shows that we continue to make good progress, albeit with the challenge of the actual timing of the awards. We now have a very strong contracted backlog position for the current financial year, with approximately £15m already secured. We continue to focus all of our efforts on the pace and tempo of further sales closures."
At 0850 BST, the shares were up 9% to 32.06p.