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Pin to quick picksAvingtrans Share News (AVG)

Share Price Information for Avingtrans (AVG)

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Share Price: 360.00
Bid: 350.00
Ask: 370.00
Change: 0.00 (0.00%)
Spread: 20.00 (5.71%)
Open: 360.00
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Low: 360.00
Yest. Close: 360.00
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Avingtrans subsidiary wins HS2 door supply contract

Tue, 29th Sep 2020 16:09

(Sharecast News) - Energy and medical equipment and systems company Avingtrans announced on Tuesday that its wholly-owned subsidiary Booth Industries has secured a multi-year contract worth £36m to supply cross-passage doors for the HS2 rail link.

The AIM-traded firm said the doors would provide fire protection between cross passages along phases 1 and 2a of the HS2 route from London to the West Midlands, and West Midlands to Crewe, creating a safe means of escape in the event of fire.

With trains capable of travelling at more than 200 miles per hour passing "within metres" of the doors, the cross passage doors would need to provide fire integrity and insulation for up to two hours, as well as withstand a range of "challenging" environmental pressures.

"This is a landmark contract with a new customer, which recognises the extensive experience we have developed over [the] years, supplying high-integrity door sets for a range of infrastructure projects," said Booth Industries managing director Mike Jenkinson.

"Our designs are based on existing Booth IP and will be manufactured at a new, purpose-built facility in Bolton, creating a number of skilled jobs in the area over the next decade."

The company said the initial phase of the contract would focus on developing and testing door and frame designs, with the first frames expected to be delivered to contractors before the end of 2021.

Most of the revenues for the contract would be generated when the door manufacturing and installation begins in 2025, with a project completion date of 2030.

"This is great news for Booth - the business has enjoyed a promising 12 months since we acquired it, following the collapse of its previous owner and the team has worked exceptionally hard to modernise its approach," said Austen Adams, divisional managing director of the PRSE division of Avingtrans.

"When we took the decision to acquire the assets of the business from administration, we were excited by the history, reputation and wealth of design and engineering expertise it had built up over the years, but there were clearly operational issues that were hampering performance."

At 1607 BST, shares in Avingtrans were up 11.65% at 273.55p.

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