Stratech: The systems provider jumped 12% today after it marked a major breakthrough into the US commercial airfield surveillance market with a major contract win for its flagship iFerret intelligent Vision system alongside its US partner, Organizational Strategies.
The scope of the contract is to install and maintain the iFerret airfield/runway surveillance system at Miami International Airport, one of the world’s top commercial aviation hubs. The initial term of the contract is five years, with options to extend for another nine years (3 x 3-years).
The iFerret system is accredited by the US Federal Aviation Administration and is capable of detecting, tracking and displaying foreign objects and debris (FOD) in real time. It has also seen encouraging adoption by major international airports in Singapore, Dubai and Hong Kong.
Management sees huge growth potential for the system amid ballooning concerns over aviation safety worldwide. Increasing number of airline hubs are expected to adopt more efficient and effective FOD surveillance systems over manual inspection of runways and other key areas of airports.
Adding to the optimism, US authorities have set aside funds for major airports in the country to install FOD systems.
The stock currently trades at 11x P/B pending the product take-off of its iFerret system