LONDON (ShareCast) - (ShareCast News) - Shares in Software Radio Technology (SRT) rose after the marine tech company signed at $5m contract with a US authority.
At 1011 BST shares AIM-listed SRT were up by 7.09% to 31.33p.

SRT did not name who it signed the deal with but said the contract was with a US authority for "national scale maritime monitoring and management capability".

Under the contract SRT would supply its AIS Maritime Domain Management system for a "long term programme" with additional phases expected.

SRT chief executive Simon Tucker said the contract was part of its validated sales pipeline, which was valued at £200m.

"We have been working with this customer for over a year, conducting extensive validation trials to ensure that our MDM system meets their demanding requirements within a challenging environment," Tucker said in an announcement.

Analysts at WH Ireland said the news was "clearly positive" and its current forecasts unchanged.

WH Ireland held a 'speculative buy' recommendation and 40p price target.

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