(Alliance News) - Airea PLC on Wednesday saw its shares rise, after announcing "strong sales" growth throughout the year, as well as an investment in its manufacturing facility.
Shares in the firm were up 12% to 27.38 pence each in London on Wednesday afternoon.
The West Yorkshire-based flooring company said that sales continued to be strong throughout the full year after a successful first half, with sustained interest in low carbon products.
It also announced a GBP5.0 million investment in its manufacturing facility in Ossett, West Yorkshire.
This is scheduled to commence in March 2024, with completion of the full programme expected in early 2025. The investment will be funded from a combination of current cash reserves, utilisation of existing banking facilities and supported by Airea's continued cash-generative operating activities, the firm said.
"The investment in the manufacturing facility will be transformational for the business, providing more modern manufacturing standards for the next decade, and beyond. It will enable the group to operate more efficiently, act more sustainably and increase production volumes to satisfy the expansion in customer orders and their broader requirements," said Chief Executive Officer Mederic Payne.
By Holly Beveridge, Alliance News reporter
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AIREA (AIEA)