The Adacel Technologies Limited (ASX: ADA) share price is edging higher today on a contract win.
At the time of writing, the flight simulator company's shares are up 3.40% to an intraday high of 91 cents.
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What did Adacel Technologies announce?
Investors are snapping up Adacel shares after the company provided a positive update.
In today's statement, Adacel announced that it has been awarded a contract from the Seychelles Civil Aviation Authority (SCAA).
The deal, valued more than US$3.6 million, will see Adacel replace the current air traffic management system in Seychelles. The modernisation program will involve installing the company's Aurora Air Traffic Management system over a 24-month period.
Adacel stated that the Aurora system "integrates oceanic, approach, and tower control capabilities and allows for optimal, fuel efficient routing". It is expected that once the system is online, service delivery will improve through advanced air traffic control management solutions.
Adacel CEO, Daniel Verret commented:
We are thrilled to welcome SCAA as our newest customer. Our team looks forward to delivering on our commitments to modernize SCAA's Air Traffic Management system and implementing higher airspace efficiency.
In line with our plan to modernize our various infrastructures, SCAA is excited to see its air traffic management system advancing to the next level despite the delay incurred from the Covid-19 pandemic. Our team is looking forward to embark on this crucial journey with a prestigious company like Adacel. SCAA is confident that Adacel will deliver on its promise for safe, reliable and efficient products and services.
Adacel share price snapshot
In the past 12 months, Adacel shares have risen by more than 120%, but have fallen 7% year-to-date. The company's share price reached a 52-week high of $1.10 following the release of its half-year results.
On today's price, Adacel has a market capitalisation of around $69 million, with almost 76 million shares on issue.
