(Alliance News) - Starcom PLC on Thursday reported good progress "on all fronts" stating it was "cementing a strong foundation for sustainable future growth".
The wireless solutions firm said it had received an order worth USD1.3 million from a customer in Ukraine for the supply of advanced Helios units over three years. The units equipped with Bluetooth and CANBUS connections would connect with a vehicle's computer to analyse a variety of vehicle and driver behaviour data.
The additional Bluetooth module makes the Helios the central hub of the vehicle's Internet Of Things platform, with the possibility to communicate with other Bluetooth supported devices and sensors. An initial down-payment of USD200,000 has been paid against the first instalment of USD435,000, payable by the customer. The unit is expected to be operational by the end of March next year.
Starcom stated the collaboration with motorcycle manufacturer Zero Motorcycles Inc. to integrate the Helios technology into their electric motorcycles is ongoing.
WIMC Solutions Inc. placed a large order for an undisclosed amount with Starcom for its Tetis shipping container tracking device. Tetis is a device that monitors and tracks containers, regularly gathering accurate records of temperature, humidity and light and provides both real-time and after the fact report of the containers.
The company also reported on its continued contract with Israel Chemicals Ltd which uses Starcom's Kylos Forever technology to track and monitor its sensitive cargo as it is shipped in tanks around the world.
Israel Chemicals Ltd develops, produces and markets fertilizers, metals and other special-purpose chemical products.; Reci
The company also said due to the increased device connections across its product range, the higher margin recurring revenue from its Software as a Service are expected to continue to grow.
Avi Hartmann chief executive officer commented: "We are pleased that the initiatives taken during 2019 are beginning to show positive results and we are creating a firm base from which we expect to further expand the business during 2020 and beyond."
Shares in Starcom closed up 9.2% at 1.28 pence per share on Thursday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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