Ticker

European missile makers and defence groups ​launched a new consortium ‌on Tuesday to develop what they said would ​be the continent's ​first sovereign exo-atmospheric interceptor.

RC Fornax PLC's (AIM:RCFX) place on Thales' niche supplier framework matters far more for what it signals than for any immediate revenue impact. The shares rose as much as 6% in early trading.

RC Fornax PLC (AIM:RCFX), the defence engineering consultancy, has been selected by Thales UK to join its niche supplier framework for sonar and naval architecture work. The agreement, awarded after a competitive bidding process, runs for three years with an option for a further two-year extension.

Thales said on Monday it had ​reached an agreement with Exail's leading shareholder, ‌the Gorgé family, to buy its stake in the French underwater drone technology company in a first step ​towards a full takeover.

The aerospace-and-defense group said it would record a charge in the first half after Berlin scrapped a project to procure F126 frigates.