Digital Barriers says current financial year starts well

Digital Barriers said its current financial year has started as it would have hoped, noting it had has signed many of the contracts deferred from the year ended 31 March 2017.

"We continue to work through closing the opportunities in front of us and we are making progress," said chief executive Zak Doffman.

"We are keenly aware that only by building our forward order book, and securing recurring revenue deals, can we better manage and predict our financial performance on a period by period basis," said Doffman.

So for instance, this year Digital Barriers had already announced notable contracts with Careem, with G4S Europe and with one of the company's major US customers.

The latest framework contract significantly expanded Digital Barriers' sales reach across the energy and maritime sectors.

Under that framework contract, Digital Barriers' EdgeVis technology would be used to deliver video services over constrained satellite bandwidths to Energy and Maritime customers in remote locations around the world.

"Such frameworks are a key part of our strategy, and this month a similar framework agreement for ThruVis led to the first sale of the technology into the mainland China mass transportation market, part of a significant ongoing procurement programme."

For the year to 31 March, the company said contracted total revenue (sales) was expected to be £31.0m, up 46% over the prior year. EBITDA was expected to be in line with market expectations.

At 14:11 BST, shares in AIM-traded Digital Barriers were up 1.28% to 29.75p each.