Structural Monitoring Systems Provides Update on Business Performance and Progress
Structural Monitoring Systems Plc (ASX: SMN), a company that develops and commercialises comparative vacuum monitoring (CVM) technology for structural health monitoring, has issued an update from its Executive Chairman, Ross Love, on its business performance and progress.
The update covers several key topics, including the additional testing required for the Aft Pressure Bulkhead (APB) application by the Federal Aviation Administration (FAA). This milestone is crucial for the company to achieve certification and revenue recognition for its CVM technology on Boeing 737 aircraft. The company expects to complete testing by the end of July 2023, with the final submission to the FAA to follow.
The company also provided an update on its subsidiary Aerospace Engineering and Manufacturing's (AEM) contract manufacturing business. AEM offers precision machining and fabrication services to aerospace and defense clients. The company noted that the business remains solid, but it is budgeted to decrease marginally due to the impact of COVID-19 on the aviation industry.
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Structural Monitoring Systems is actively working to diversify its customer base and product offerings, as well as improve its operational efficiency and profitability.
Lastly, the update includes details of the company's ongoing research and development activities. Structural Monitoring Systems is exploring new markets and applications for its CVM technology, including wind turbines, bridges, pipelines, and military vehicles. The company is also collaborating with Curtin University on a project to develop a novel sensor that can detect fatigue cracks in composite materials.
Structural Monitoring Systems' Executive Chairman remains optimistic about the company's future, stating that the company is making good progress in all areas. Furthermore, the company's CVM technology is gaining traction in several markets, and Structural Monitoring Systems remains committed to delivering value for its shareholders.
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