PipeHawk PLC's shares climbed on Monday on news of a distribution deal for its ground probing radar in Hong Kong and the Chinese mainland and further European Union support for tests on a landmine clearing system, dealers said.
British-based PipeHawk said in a statement Radiodetection (China) Ltd had agreed to distribute the radar system, which is used by utilities and construction companies to detect underground obstacles, such as pipes, without any digging.
By 1010 GMT, shares in PipeHawk were 26 percent up at 46 pence but still some way off its year high of 93p.
Radiodetection, which manufactures and supplies equipment for locating and inspecting pipelines, is part of US-based SPX Corp.
After the market close on Friday, PipeHawk said the European Union had agreed to continue funding its Project Lotus, which tests the viability of a vehicle-mounted system for clearing anti-personnel landmines.
Traders said the shares had also been boosted by a "good buy" tip in the Sunday Telegraph newspaper.
(China Daily February 26, 2002)
