PipeHawk PLC Contract award (8485B)

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RNS Number : 8485B

PipeHawk PLC

06 June 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.

6 June 2023

PipeHawk plc

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

Contract award to assemble a manufacturing and test facility for fire detection products

PipeHawk is pleased to announce that QM Systems Limited ("QM"), one of the Group's principal subsidiaries, has been awarded a project to deliver a manufacturing and testing facility for the production by a customer of a newly developed fire detection product.

The project incorporates a range of the latest automation technologies to provide a bespoke and efficient solution to uniquely fit the customer's detailed product specifications.

It is expected that work will commence immediately, with delivery expected on or around April 2024. The project is anticipated to generate revenue for QM of approximately GBP820,000 which will be recognised over the course of the project as work progresses, with an initial upfront deposit and then industry standard milestone payments.

Gordon Watt, Chairman of PipeHawk, commented : "I am delighted that QM has been awarded this project with a new client in an attractive new industry. The project will see QM develop a new long-term partnership and will further expand QM's building services client portfolio and system offering into a new area within building services itself."

-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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June 06, 2023 10:38 ET (14:38 GMT)