LONDON (Alliance News) - Corac Group PLC Tuesday said it has signed a GBP3.4 million defence export order with an unnamed shipbuilding contractor in South East Asia.
The deal is an extension of a programme of work first announced in January last year involving two atmosphere control systems made by Corac. The systems are to be made at Corac's Portsmouth facility for delivery in 2016 and 2018, with the majority of the revenue to be recognised in 2016 onwards.
"We are very pleased to secure such a significant follow-on order from one of our established international partners. This order significantly boosts our aerospace & defence sector order book and provides good visibility of both revenue and production activity at our Portsmouth facility," said Phil Cartmell, Corac's chief executive.
Corac shares were up 15% to 4.9 pence in early trade, one of the best performers in the AIM All-Share index.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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