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Remote Monitored Systems Shares Plunge As Machine Commissioning Delayed

Sam Boughedda trader
Updated 1 Feb 2021

Practice Stock Trading
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Shares of specialist survey and inspection services firm Remote Monitored Systems (LON: RMS) have plunged on Monday after the company revealed the commissioning of its new machine has been delayed.

Two of the engineers from Lemu Group, the manufacturers of the mask manufacturing machine, who are currently working on commissioning RMS’s new machine, have tested positive for COVID-19 and are now self-isolating for 10 days, RMS said.

Commissioning was due to be completed over the weekend; however, the engineers took tests on Friday morning, as part of international travel protocols,  and received their positive results on Saturday.

Meanwhile, Pharm 2 Farm Ltd, the company’s subsidiary, have reported the positive tests to BioCity and Public Health England, with three members of the Pharm team recorded as close contacts of the Lemu engineers. The three Pharm team members will also now isolate for 10 days.

Without the Lemu engineers to assist in the completion of the commissioning of the machine, it will now be delayed until after the 10-day quarantine period has ended and they are fit to work.

The news saw RMS shares plunge as much as 20% after the open in London. They are currently trading at 2.10p per share, down 14.29%.

Remote Monitored Systems Shares Chart 01022021

“It is frustratingly ironic to be so close to the production of an anti-viral mask and to be delayed due to these two positive cases,” commented Antony Legge, Chairman of RMS.

“The lack of symptoms with the two engineers who tested positive shows the importance of following PHE guidelines and serves to further illustrate the market opportunity for our anti-viral masks,” added Legge.

Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.