Digital Barriers wins $8m contract with US federal law agency

Michele Maatouk Sharecast | 20 Apr, 2017 08:52 - Updated: 10:39 | | |

Money cash dollars
  • 27.25
  • 1.40%0.38
  • Max: 27.50
  • Min: 26.88
  • Volume: 0
  • MM 200 : n/a
17:18 22/06/17
  • 7,839.98
  • -0.50%-39.31
  • Max: 7,879.29
  • Min: 7,828.68
  • Volume: 0
  • MM 200 : n/a
17:18 22/06/17
  • 968.20
  • -0.31%-2.99
  • Max: 970.71
  • Min: 968.11
  • Volume: 0
  • MM 200 : n/a
17:18 22/06/17

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.

More news

22:27 Europe close: Stocks edge higher

European markets finished the session slightly higher for the most part, against a backdrop of positive economic data and heavy news-flow news regarding continued deal-making in the corporate space.

17:39 FX round-up: Sterling mixed, prone to volatility as PM May heads Brussels

Sterling had a mixed Thursday as PM Theresa May went to Brussels to unveil to European leaders her allegedly more generous plans for the rights of EU citizens in the UK.

17:26 London close: FTSE scrapes along as PM takes her Brexit show to Brussels

The FTSE scraped along to a lower close as PM Theresa May looked took her Brexit and hung-parliament show to Brussels.

17:01 Commodities: Crude gets a Thursday fillip higher, but downside risk remains

Prices of crude oil got a Thursday fillip higher as investors took some note of recent falls in US inventories, but nonetheless remain mindful of the black liquid's potential for further declines.

16:57 Union alleges serious decline in construction inspections

The Unite union issued a statement on Thursday, confirming it was seeking “urgent meetings” with ministers and the Health and Safety Executive (HSE) after a freedom of information (FOI) request revealed a “sharp drop” in construction inspections.

16:10 EVR virtual reality platform enters global partnership with Microsoft

Virtual reality content creator EVR Holdings announced on Thursday that its subsidiary MelodyVR had entered into a global partnership and ‘Windows Mixed Reality App’ collaboration agreement with Microsoft Corporation.

16:08 FTSE 250 movers: Rotork boosted by upgrade; JD Sports goes ex-div

London's FTSE 250 down 0.1% to 19,664.53 in afternoon trade.

16:00 TP Group added to MOD supplier framework

Specialist services and engineering company TP Group announced on Thursday that it had been awarded listing on the ‘Multi-Participant Framework Agreement’ for technical support (FATS/5).

15:28 Friday preview: Eurozone and US flash PMIs to give early GDP growth reading

The UK corporate diary is all but empty on Friday, with most financial events happening away on foreign shores, with first 'flash' readings of June surveys for the eurozone and US.

15:19 US open: Wall Street little changed as oil prices stabilise

Wall Street's main indices were little changed in early trading as oil prices recovered their footing and against a backdrop of solid readings on the jobs and housing markets.