28 Jul 2016 10:31
For Immediate Release | 28 July 2016 |
MayAir Group plc
("MayAir" or the "Group")
MayAir secures US$7.1 million contract win
MayAir Group plc (AIM:MAYA), a leading specialist provider of air purification technology, is pleased to announce that the Group has secured a new contract win in its Industrial division for a total value of US$7.1 million.
On 27 July 2016, MayAir's Industrial division was awarded a contract to supply BOE Technology Group Co. Limited ("BOE") with fan filtration units ("FFUs"), filters and related clean room equipment. BOE is a China-based company principally engaged in the manufacture and supply of internet of things technologies, products and services. BOE's products are widely used in a broad spectrum of applications such as mobile phones, tablets, notebooks, monitors, TVs, vehicle displays, digital information displays, healthcare, finance, and wearable devices.
The Directors expect that this industrial project will complete during 2016 and they therefore anticipate that the majority of revenue due to the Group, along with the previously announced contract wins totalling US$10.6 million earlier this month, will be recognised in the current financial year.
Yap Wee Keong, Chief Executive Officer of MayAir Group, said: "During the last two months, we have successfully secured major industrial and commercial contracts totalling US$33.4 million and we are delighted to announce a further contract win totalling US$7.1 million in our Industrial division.
"Securing yet another partnership strongly reaffirms our continuing success in providing leading global clean air solutions for application in new buildings, in addition to our ability to retrofit with existing infrastructure which provides a stable recurring revenue stream for the Group. We now have visibility of a significant percentage of our full year revenue target, which provides reassurance and a solid platform for further growth."
The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
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For further information:
MayAir Group plc |
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Yap Wee Keong, Chief Executive Officer | Tel: +60 3 8961 2908 |
Koh Tat Seng, Chief Financial Officer | www.mayairgroup.com |
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Allenby Capital Limited (Nominated Adviser) | Tel: +44 (0) 20 3328 5656 |
David Hart / James Reeve | www.allenbycapital.com |
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Cantor Fitzgerald Europe (Broker) | Tel: +44 (0) 20 7894 7000 |
Andrew Craig / Richard Salmond | www.cantor.com |
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Media enquiries: |
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Buchanan |
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Henry Harrison-Topham / Victoria Hayns / Jane Glover | Tel: +44 (0) 20 7466 5000 |
MayAir@buchanan.uk.com | www.buchanan.uk.com |
Notes to Editors
Founded in 2001, MayAir Group is a leading specialist provider of air purification technology for use in industrial cleanrooms, supplying large multinational manufacturers including Sony, Continental and Bosch. The Group's core business is in providing Fan Filter Units ("FFUs") air filtering equipment for use in industrial cleanrooms, an area in which MayAir has established itself as one of the leading providers in China.
In recent years, the Group has diversified its product offering to include indoor clean air solutions for the commercial and residential markets. Key flagship commercial projects so far include Shanghai airport terminals, Shanghai International Convention Centre, SOHO Galaxy office development in Beijing and Chengdu's Subway. MayAir is well positioned to take advantage of the growing demand for air purification technology and in the year to 31 December 2015, the Group reported record figures with revenue rising by 45% to US$63.6 million and underlying operating profit rising by 19% to US$7.7 million. MayAir Group listed on AIM in May 2015 with the ticker MAYA.L.
For additional information please visit: www.mayairgroup.com