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MBO well placed for growth with solid first half performance

- HY2011 orders of $608,000 (exceeding FY2010 full year orders of $603,000)
- Second phase of contract with US Navy successfully completed – contract now at critical stage
- Strengthened presence in the oil & gas sector with new project for BHP Billiton
- Continued focus on managing overhead cost base whilst in ramp-up phase
- MBO assessing a number of growth opportunities – organic and potentialacquisitions
Global commercial marine safety provider Mobilarm Limited (ASX:MBO) today reported orders for the half year FY2011 of $608,000, which exceeds total orders of $603,000 for all of FY2010. This order amount represents a 395% increase over the previous corresponding period in FY2010.
While revenue growth is still in the very early stages, MBO secured a number of new orders during the first half of FY2011 that will continue to fast-track growth in FY2011. Revenues for the first half of FY2011 increased by 441% over the previous corresponding period in FY2010.
Operationally, MBO performed well during the first half and is well placed to continue to grow revenue and its sales pipeline across a number of key sectors that it is targeting. As reported on 5 January 2011, the United States Naval Sea Systems Command (NAVSEA) confirmed its support for MBO’s V200 Submariner VHF Locator Beacon development project by exercising its option to purchase an additional US$300,000 worth of test units and engineering services. Sea trials are planned to take place in June 2011 when NAVSEA will undertake a largescale sea and air demonstration involving multiple vessels and aircraft from the US Navy fleet and US Coast Guard.
The Company also secured a new contract to supply its VHF Locator Beacons to the Bristow Helicopters Australia, the sole contractor to BHP Billiton Petroleum for offshore personnel transfers by helicopter in Australia. Mobilarm will initially supply 50 of its innovative V100 VHF beacons to Bristow for integration into the RFD Beaufort Mark 28 life jackets to be worn by all BHP Billiton Petroleum personnel during transfers to offshore platforms.
Mobilarm Chief Executive Officer Lindsay Lyon commented: “The first half order performance is pleasing. It is, however, important to recognise that we are still in the very early stages of growth with our sales and marketing efforts only now just in the ramp-up phase.
“We have had three key developments during the first half which position us well for the year ahead and beyond. We now have much greater visibility and growth potential in the oil and gas sector through our new contract with Bristow, regulatory approval of man overboard beacons is taking place in a growing number of markets, and we have been successful in moving to a critical phase in our ongoing partnership with the US Navy’s NAVSEA division.
“We have also continued to focus on managing down overhead costs where possible, and this will remain an ongoing focus for MBO’s team as we expand our operations, product portfolio and geographical footprint.”
Mr. Lyon said MBO is currently pursuing a number of growth opportunities in the oil and gas,commercial fishing and defence sectors.
“We are continuing to build our pipeline of orders and new business opportunities in a number of markets. We have several tenders pending in the oil and gas sector, and we are assessing acquisition opportunities that will strengthen our market presence and expand our operations globally.
“Mobilarm is in good shape and well positioned for growth.”
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