25 May 2012

Digital Barriers wins £1m MOD contract

07/11/2011 Miles Nolan

Surveillance technology expert Digital Barriers (DGB) has secured a £1 million contract with the MOD, for the delivery of a number of its products.

The AIM counter is remaining tight lipped on the deal, but states that it will provide both fixed and mobile components, with the contract duration set at five months.

Digital Barriers joined AIM last year as a cash shell, with the intention of building a group focused on the homeland security market. It is the brainchild of executive chairman Tom Black, managing director Colin Evans and other senior members of Detica. This was a security business, bought from its parent in 1997 for £12 million, and sold to BAE Systems fora whopping £531 million in 2008, following a raft of acquisitions.

The placing secured £19 million at 100p a share, bringing in a number of high profile institutions. It has since acquired five companies, including AIM rival CCTV specialist Coe, as well as Keeneo - a solutions developer of real-time detection of human intrusion within a specific zone. Including director contributions, and a further cash-call it has already raised £55 million.

The integration of recent acquisitions has gone well, indeed the MOD contract is proof of its ability to win new high-profile work, which as standalone operations, the companies acquired may have struggled. The shares are up 2.5p to 132p today - interim results are due later this month. Though broker initiation is still awaited, Digital Barriers operates in an attractive niche. One to watch.

Tags: Acquisitions, AIM market, Detica, Growth company, Investec

Sector: Support Services

Companies: Digital Barriers

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