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LONDON (Alliance News) - Starcom PLC said Tuesday that it had won a new three-year contract worth USD1.8 million with a Guatemalan distributor, but added that it had seen a slow start to year, hit by events in Ukraine, in a statement ahead of its annual general meeting.
Starcom said the distributor will buy units from across Starcom's portfolio, with USD400,000 expected to be recognised from orders in this financial year.
The wireless tracking company said its first quarter to end-March had been slow, continuing to be hit by the loss of a 4,000 unit order, due to the ongoing political turmoil in Ukraine.
Starcom continued to work on creating traction for its new products. The new product lines have been well received by the market, Starcom said, and should lead to further revenues later in the year.
It is currently negotiating deals in South America and the Middle East which it said would generate good revenues in the second half, and ongoing revenues during 2015.
"The South American market is a key region for us, due to its large population and increasing reliance upon high quality security, monitoring and tracking systems," said Chief Executive Avi Hartmann in a statement.
The company continues to expect its results to be weighted towards the second half.
Shares in Starcom were trading down 0.4% at 13.07 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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