The group has renegotiated its exclusive distribution agreement in China to take advantage of a bigger than expected market.

Since July, when it reported a forward order book worth $5.7m, the company had announced additional orders totalling $0.75m.

It announced a further conditional order today (September 2) for a customised version of the Class B product from a new customer, potentially worth up to $2.4m over the next six months.

SRT said the market for AIS (Automatic Identification System) devices had continued to grow.

'In the case of China, it has become apparent that the market opportunity created by the national mandate programme is considerably larger than the 220,000 vessels originally estimated in September 2009 when SRT announced the receipt of a $18m order from a strategic partner.'

The company had determined that a single exclusive partner for this market did not provide it with optimal distribution and had renegotiated the agreement to free it from its exclusivity obligations.

'SRT now plans to expand its distribution into this important market and is pleased to announce that it has signed a distributor agreement with a new customer in China whose sales channels access new segments of this market.'

The company said it remained debt free and at June 30 had cash of 1.234m, an increase of 30% on the year end position of 0.952m.

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