MS International PLC on Friday surged, after it said it has signed a £22.4 million contract to supply a number of new land based mobile gun systems.

Shares in the Doncaster, England-based defence equipment manufacturer were up 42% to 666.00 pence each in London on Friday morning.

During the six month period ended October 31, MS International launched its first land based mobile gun system. The company said this new military product incorporates its ‘unique counter-drone capability.’

On Friday, MS International said it has signed a contract with an unnamed ‘overseas’ customer to supply in 2023 a number of land based mobile gun systems. This marks the company’s first sales of its new gun system.

The company aims to fulfil the contract, which is valued at £22.4 million, ‘as soon as practicable.’

It added that revenue from the contract is expected to be recognised during 2023.

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