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Bid:

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Spread: 1.00 (50.00%)

Market Cap: £907.82k

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Pipehawk Secures 3 Phase Contract Worth Initial GBP650,000

Tue, 12th May 2015 14:03

LONDON (Alliance News) - Pipehawk PLC shares rose Tuesday after it said its QM Systems subsidiary has secured a contract from Hadley Indsutries Holding Ltd to deliver a fully automated system to package and handle steel sections.

Pipehawk shares were up 26.3% to 6.00 pence per share Tuesday afternoon.

The electronic system development company said QM Systems will complete the initial phase of the contract by December 2015 with a value of around GBP650,000. There will be three phases of the contract in total, but no details on the phases and what is included in each one were released.

"This is wonderful news and further cements QM Systems development as a leading automation and materials handling solution provider. This contract is a further direct expansion into the building services sector; we all look forward to a successful and continuing relationship with Hadley Industries Holdings Limited over the coming months," said Chairman Gordon Watt.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance