OTAQ PLC - Lancaster-based producer of marine technology for aquaculture and offshore oil and gas industries - Says it has secured all approvals to supply its newly developed tracking device for a "prestigious" annual sporting event, though both the sport and the event are undisclosed. OTAQ to provide 610 devices for delivery by financial year end at March 31, 2022. Devices will provide real-time tracking of competitors within an accuracy of 60 centimetres.
The tracking technology was acquired as part of OTAQ's acquisition of ROS Technology Ltd last November. Expects next project will lead to further opportunities next year.
"We are very pleased to win this order, highlighting the success of our broader acquisition strategy and the innovative strength of our R&D team," says Chief Executive Phil Newby. "This win opens new and exciting opportunities in the competitive events space and is a valuable reference for future land and sea applications benefiting from accurate real-time location data."
Current stock price: 37.44 pence, up 2.6% on Monday
Year-to-date change: up 36%
By Josie O'Brien; josieobrien@alliancenews.com
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