PipeHawk PLC GBP0.8 million contract award with JVM (4391Q)

TIDMPIP

RNS Number : 4391Q

PipeHawk PLC

18 October 2023

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018) ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

18 October 2023

PipeHawk plc

("PipeHawk", "Company" or the "Group")

GBP0.8 million contract award with JVM Castings Limited

PipeHawk is pleased to announce that QM Systems Limited ("QM"), one of the Group's principal subsidiaries, has been awarded a contract by JVM Castings Limited ("JVM") to design, manufacture and supply a suite of automated assembly systems for the insertion and assembly of Self Piercing and Clinch ("SPAC") Nuts into a range of automotive aluminium castings (the "Contract").

The Contract will make use of QM's latest automation process that, amongst other benefits, combines assembly with component "Poka-Yoke" checking (mistake proofing) to ensure assembled castings are manufactured correctly.

The Contract will generate approximately GBP800,000 of revenue for QM and is due to be delivered within this current financial year.

JVM is based in Worcester and is the UK's largest aluminium diecasting specialists.

Gordon Watt, Chairman of PipeHawk commented: "QM have formed a close partnership with JVM over the last 10 years and are JVM's go to partner for the supply of the majority of their assembly equipment. Over the years, QM has provided JVM with a range of systems to assemble SPAC Nuts, SPAC Studs, Rivnuts, Rivstuds as well as other components into a diverse range of castings utilised within the manufacture of automobiles with final supply into a number of original equipment manufacturer ("OEM") vehicle manufacturers. It has been a pleasure to work closely with JVM over these last 10 years and it is a testament to the service and support that QM offers its clients that JVM continues to work closely with QM for its casting assembly needs year on year.

-Ends-

Enquiries:

 
PipeHawk plc                                Tel. No. 01252 
 Gordon Watt (Chairman)                      338 959 
Allenby Capital Limited (Nomad and Broker)  Tel. No. 020 3328 
                                             5656 
 

David Hart / Vivek Bhardwaj

For further information on the Company and its subsidiaries, please visit: www.pipehawk.com

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October 18, 2023 02:00 ET (06:00 GMT)