Merry Xmas...RNS>..tick tock..24 Dec 2018 07:09
Managed Services Division
The large scale, long term security contract for one of 60 airports in Iran, which was signed in May 2018, but which had to be put on hold following the US unilateral withdrawal from the Joint Comprehensive Plan of Action (JCPOA), remains a key focus for the Company. We continue to work closely with our Iranian client and are pleased to report that the majority of issues and challenges created by the US actions have now been addressed. The European Union is hoping to have its Special Purpose Vehicle (SPV), to assist with Iranian trade transactions, in place early in the new year. Both parties remain committed to the project and despite the challenges continue to work towards commencing the project at the earliest opportunity.
In our Interim Report in September we announced that we continued to work towards signing at least one further long-term Managed Services contract this year although, as always, there is never certainty as to timing or outcome in these matters. In this respect our Chairman, Sir Tony Baldry, and CEO Peter Fowler, have recently returned from Africa having progressed discussions on one of our long-term airport security project opportunities. Contracts have been drafted and we anticipate providing a further update in the new year.
Technology Division
In March 2018 we announced a $4.5m USD contract award to provide several advanced vehicle screening solutions to a high security facility within the Middle East, which we expected to be largely completed by the year end. We are pleased to announce this remains the case with just $224k of commissioning works outstanding at year end, which will be undertaken in the new year.
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