7 Feb 2013 07:00
7th February 2013
CORAC GROUP PLC
("Corac" or the "Group")
ACI secures order for submarine air purification equipment
Corac Group plc, the innovative technology-led engineering group, serving the global oil and gas, defence and industrial markets, today announces a further order for its subsidiary Atmosphere Control International (ACI). Under the terms of the contract, ACI will supply air purification equipment to an overseas submarine programme. The order value is in excess of £0.7m and will be delivered during the fourth quarter of 2013, increasing ACI's revenue visibility for the year. The contract is an extension of ACI's participation in a long established programme and demonstrates the continuity of business ACI enjoys through such relationships.
This latest order reflects a widespread growth of global submarine capability, with recent reports indicating that in the next ten years more than 80 boats will be launched in the Asia Pacific region. ACI is committed to supporting this market with world-leading technology and substantial operational experience.
Phil Cartmell, Chairman of Corac said:
"This order represents a good start to the year for ACI, and confirms our confidence that the combined current order book places Corac in a good position.
"Long term supply relationships are a key feature of the ACI business and this order demonstrates how the company can benefit from building business in expanding markets. Encouraging signs from global programmes offer ACI an increasing pipeline of opportunities for 2013 and beyond. "
Ends
For further information please contact:
Corac Group plc | www.corac.co.uk |
Phil Cartmell, Executive Chairman | 01753 285 800 |
Mark Crawford, Chief Financial Officer |
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Cenkos |
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Ivonne Cantú - Nomad | 020 7397 8980 |
Jeremy Warner-Allen - Sales |
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MHP Communications | 020 3128 8100 |
Reg Hoare / Vicky Watkins / Naomi Lane |
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NOTES TO EDITORS
Corac is a UK based group of advanced technology and engineering companies. The Group produce innovative, diverse and valuable solutions in compression systems, atmosphere control and heat exchangers for government, energy and industrial users. It has traded shares on the London Alternative Investment Market (AIM) since July 2001.
Atmosphere Control International is a Portsmouth based supplier of air purification equipment focusing on defence with applications for naval ships and submarines. It is active in long term design, manufacturing and support agreements with the UK MoD and other international programmes.