Starcom secures gains with key-less lock launch

Starcom's shares soared on Friday as the company launched its new intelligent reporting padlock, now branded Lokies, which can be operated remotely and does not require a key.

The remote tracking, monitoring and protection specialists said the product was a "major new version" of the original Watchlock product line and, unlike its predecessors, it has been fully developed and built by Starcom, which therefore owns 100% of the intellectual property.

Avi Hartmann, chief executive of Starcom, said: "Our first Watchlock was an award-winning product in the security market but we knew that to bring it into the 21st century we had to make it keyless, due to the nature of where and how it was being used. Lokies is our first product to do this, combining IoT, Bluetooth and our proprietary technology to make what we believe to be a world leading innovation for the security industry."

The new product can connect to nearby devices and sensors, and can detect any attempts to breach the lock, which the AIM traded company said makes it "among the most advanced padlocks on the market".

Potential applications for the product include remote facilities, sea or rail containers and retail stores.

Orders for the product have already been placed, with more under discussion and the board confident that the product will provide "a meaningful contribution" to revenues in 2019 and beyond.

Starcom's shares were up 16.67% at 1.40p at 1314 BST.