By Oliver Griffin

SciSys PLC (SSY.LN) said Tuesday that it has been awarded a 3.9 million-euro ($4.8 million) contract by Airbus SE's (AIR.FR) defense-and-space division.

The software and IT company said that under the contract, it will develop the ground segment of Egnos V3, Europe's regional satellite-based augmentation program, the aim of which is to improve the performance of global-navigation satellite systems.

SciSys said the development stage of the contract will begin this month, and is expected to continue until the third quarter of 2020, with a subsequent maintenance phase for up to five years.

Shares at 1209 GMT were up 4.3% at 144.50 pence.

Write to Oliver Griffin at oliver.griffin@dowjones.com

(END) Dow Jones Newswires

April 10, 2018 08:32 ET (12:32 GMT)

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