22 May 2020 – contract wins

The advanced security and surveillance systems group has announced that it has been awarded two new contracts with existing customers both of which are for a number of years.  The first contract is a five year multi-million dollar support contract with a major casino operator for its flagship resort in Asia, building on an existing long-term relationship.  The second contract is a three year deal with Stagecoach, the UK’s largest bus and coach operator, and covers the delivery of on-vehicle surveillance systems and maintenance support for their fleet of over 8,000 vehicles.  This is an extension of the group’s 18 year relationship with Stagecoach and a useful endorsement of the company’s products and services.  Although the group has experienced some delays on projects due to coronavirus it continues to deliver services and support to its customers whilst it has also maintained a net cash position which provides some re-assurance to investors.  This announcement combined with the decline in the share price leads us to upgrade to BUY.