Remote Monitored Systems expecting significant revenue growth from Cloudveil

Remote Monitored Systems PLC (LON:RMS) said its recently acquired Cloudveil unit has recently experienced an unprecedented level of enquiries for its services.

The enquiries for Cloudveil’s security and risk management services have come from a variety of blue-chip companies and other private and public bodies in the UK and Europe, the group revealed as it posted its full-year 2019 results.

Cloudveil is at an advanced stage of negotiation of commercial terms with a number of these potential customers. As a consequence, Cloudveil is forecasting significant growth, including through sales of its IRIS management information platform, over the next eighteen months, including contracts expected to start in the forthcoming quarter.

Meanwhile, Gyrometric, in which Remote Monitored Systems has a 58% stake, now expects several installations and trials, including those at Tarmac and Clarke Energy, will proceed after some coronavirus-related delays were experienced as imminent maintenance windows arise at client sites.

The group published its results for 2019 although it is now a substantially different company to what it was last year following the disposal of its Geocurve business.

Revenue from contracts with customers was GBP52,648 versus zero revenues in 2018. The loss before tax was little changed from the year before at GBP711,942.

Cash balances at the end of 2019 stood at GBP74,770, versus GBP109,381 a year earlier; subsequent to the year-end, the group raised GBP350,000 to support the growth of the core areas of the business.

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