Remote Monitored Systems plc (LON: RMS), the AIM quoted survey, inspection and monitoring company, has today provided an update on progress in the year ended 31 December 2018.
Geocurve Limited, which provides Survey and Inspection services to a range of major blue-chip companies and government agencies, achieved revenues for the year of £1,001,120, an increase of 57% compared with 2017 (£638,203) and three times the turnover in 2016 (£334,415). The most significant development during the year was the award of the £1.1m 3D and Virtual Reality survey service for the Environment Agency’s Thames Estuary Asset Management 2100 (TEAM2100) programme. In addition to the successful delivery of the initial phase of this contract, which continues for a further two years, Geocurve completed a number of contracts for other customers including Hesselberg Hydro, BAM Nuttall and Aecom. Further growth is expected in 2019. As recently announced, Geocurve and the University of Essex will engage in ground breaking knowledge exchange, collaboration, contract research and innovation in the Virtual and Augmented Reality spaces (VR/AR).
Geocurve continues to focus on the acquisition of major corporate customers and to pursue its ambition to be the UK market leader in the supply of innovative VR and Artificial Intelligence surveying services to specialist customers on critical infrastructure projects.
GyroMetric Systems Limited, in which the Company made an initial 37% investment in April 2018 and acquired a 58% controlling interest in August 2018, continued to increase sales of its active protection system to protect large marine drives however these remain modest. During the year Gyrometric completed successful trials of its Incremental Motion Encoder at the world’s newest and most powerful offshore wind turbine drive train test facility at the Offshore Renewable Energy Catapult at Blyth. These trials have led to serious interest from two major turbine manufactures, one of which has signed a contract to test the IME system on their own equipment in 2019 and a further trial is scheduled at ORE for the other. In 2019 further material progress and commercial developments are expected in relation to both these opportunities.
In the marine sector Gyrometric has agreed a test programme with a major manufacturer of couplings for marine and large industrial applications. In the oil exploration and production sector Gyrometric is in detailed discussions to deploy its equipment to monitor critical machinery. A process to strengthen the technical sales team is underway to facilitate growth in 2019.
Group cash as at 31 December 2018 was approximately £112k.
Trevor Brown, CEO of Remote Monitored Systems plc, commented
“Our two operating businesses, Geocurve and Gyrometric, are performing impressively. Costs have been eliminated wherever possible so that the Company has been able to deploy available resources towards investment in the most promising future projects. Having spent the last year tuning the engine, your board plans to gently press the accelerator in 2019 and continue to seek further opportunities to enhance shareholder value.”