Starcom appoints new CFO, wins orders from CropX

AIM-listed Starcom announced the appointment of a new chief financial officer on Wednesday and said it has reached an agreement with CropX for the supply of a number of units based on the technology of Kylos Air.

Golan Hermolin has been appointed CFO with immediate effect. Starcom said current CFO Ehud Shenig felt unable to provide his services on a full-time basis due to other demands on his time. As a result, he will resign from the board with effect from 30 September but will continue in his role for the transitional period.

As far as the deal with CropX is concerned, the company said it provides for an initial order to be delivered by January 2018 and, subject to satisfactory performance, further orders are expected to be placed between April and August 2018. The aggregate potential order value of the agreement is bound by commercial confidentiality but Starcom said it would be "significant" in relation to historic revenues for 2017.

An initial payment on account of a development service fee, which includes the cost of the initial order, has been received by the company.

CropX is an Israeli company which is provides devices to farmers enabling them to accurately measure the irrigation needs, in real time, of their crops through the deployment of sensors in their fields.

The agreement reached between the two companies follows a long period of joint development. Starcom said it "demonstrates the flexibility" of its technology to adapt to many different uses.

At 0910 BST, the shares were up 11% to 2.34p.