Strat Aero Shares Go Skyward As It Wins Thames Estuary Drone Contract

LONDON (Alliance News) - Strat Aero PLC on Thursday said its subsidiary Geocurve has won a ...

Alliance News 8 September, 2016 | 8:53AM
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LONDON (Alliance News) - Strat Aero PLC on Thursday said its subsidiary Geocurve has won a contract with the UK Environment Agency's Thames Estuary Asset Management 2100 programme.

Shares in Strat Aero were trading up 88% at 0.80 pence on Thursday morning following the announcement.

Strat Aero is an aerospace company focused on the unmanned aerial vehicle sector. Under the contract, Geocurve will provide aerial inspection and level survey services to the Environment Agency's programme, which aims to invest in tidal flood defences at the Thames Estuary.

Depending on contract options and call-off timing, the contract could deliver GBP1 million in revenue to Strat Aero over the next 18 months, and GBP2.5 million over the duration of the whole programme, Strat Aero said.

The GBP300 million programme aims to reduce the risk of tidal flooding to 1.3 million people and GBP200 billion worth of property by replacing and refurbishing the tidal flood defences between Teddington in the west, Shoeburyness in Essex and the Isle of Grain in Kent.

"I am delighted that we have been selected to continue our successful aerial and land survey work for the Environment Agency's TEAM2100 programme. To be chosen for such an important role in protecting the UK's capital city is an enormous honour and one which reflects our growing reputation as the UAV topographic and hydrographic surveying, inspection and engineering services provider of choice," Chief Executive Iain McLure said in a statement.

By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Strat Aero PLC 0.60 GBX 0.00 -
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