MayAir Group PLC MayAir secures US$13.6 million contract win (9311M)

TIDMMAYA

RNS Number : 9311M

MayAir Group PLC

03 August 2017

The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

3 August 2017

MayAir Group plc

('MayAir' or the 'Group')

MayAir secures US$13.6 million contract win

MayAir Group plc (AIM:MAYA), a leading specialist provider of air purification technology, is pleased to announce that the Group has secured a contract win in Industrial sales for a total value of US$13.6 million.

MayAir's Industrial sales has been awarded a contract to supply Chengdu CEC Panda Display Technology Co Limited ('CEC Panda') with fan filtration units ('FFUs'), filters and related clean room equipment. Based in Chengdu, CEC Panda is a Chinese LCD panel maker and is a subsidiary of Panda Group, a large state-owned electronics company which has been operating for over 70 years.

The Directors expect that this industrial project will complete during 2017 and they therefore anticipate that the majority of revenue due to the Group will be recognised in the current financial year.

Yap Wee Keong, Chief Executive Officer of MayAir Group, said: "It is particularly pleasing to announce today such a significant contract win with CEC Panda, who are one of MayAir's existing customers, particularly as the Group is encountering increased competition within Industrial sales. Our extended partnership with CEC Panda reaffirms our continuing success in providing leading global clean air solutions which provides a stable recurring revenue stream for the Group.

Trading in the first half of the current financial year has been good and we look forward to reporting progress made when we announce our interim results in September."

- Ends -

For further information:

 
 MayAir Group plc 
 Yap Wee Keong, Chief Executive              Tel: [phone] 
  Officer                                               2908 
 Koh Tat Seng, Chief Financial           www.mayairgroup.com 
  Officer 
 
 Allenby Capital Limited (Nominated          Tel: +44 (0) 20 
  Adviser)                                         3328 5656 
 David Hart / James Reeve             www.allenbycapital.com 
 
 Cantor Fitzgerald Europe                    Tel: +44 (0) 20 
  (Broker)                                         7894 7000 
 Andrew Craig / Richard Salmond               www.cantor.com 
 
 Media enquiries: 
 Buchanan 
 Henry Harrison-Topham / Victoria            Tel: +44 (0) 20 
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 [e-mail]                  www.buchanan.uk.com 
 

About MayAir

Notes to Editors

Founded in 2001, MayAir Group is a leading specialist provider of air purification technology for use in industrial cleanrooms, supplying to large multinational manufacturers. The Group's core business is in providing air filtering equipment and filters for use in industrial cleanrooms, an area in which MayAir has established itself as one of the leading providers in China. In recent years, the Group has diversified its product offering to include indoor clean air solutions for the commercial and residential markets. Key flagship commercial projects include providing solutions for airport terminals, convention centers, subways, offices and schools. MayAir Group was admitted to trading on AIM in May 2015 with the ticker MAYA.L.

For additional information please visit: www.mayairgroup.com

This information is provided by RNS

The company news service from the London Stock Exchange

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August 03, 2017 02:00 ET (06:00 GMT)