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TT Electronics share price

Shares of TT Electronics (LON: TTG) are rallying on Thursday, trading over 13% higher at 238p.

TT released a statement not long after the share price increase, stating that they note today's rise and provided an update on evaluation trials in the UK of Virolens, a rapid COVID-19 screening device for TT, the exclusive manufacturing partner.

The provider of engineered electronics said that the “Medicines and Healthcare products Regulatory Authority (MHRA), which is responsible for ensuring that medical devices meet applicable standards of safety, quality and efficacy, is in the final stages of registering Virolens for use and sale in Great Britain.”

They added that any revenue they receive following the registration would be dependent on iAbra's potential end customers in Great Britain converting interest into orders.

iAbra is a technology company that developed Virolens in partnership with TT.

TT Electronics price chart ttg

There has been a high proportion of the commercial interest in Virolens, although, to date, it has been outside of Great Britain.

“There continues to be a wide range of potential commercial outcomes and hence no certainty as to the financial impact on TT,” said the company.

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