8 Jan 2015 07:00
8 January 2015
CORAC GROUP PLC
("Corac" or the "Company")
ACI Wins £2.6m Defence Export Orders
Corac Group plc is pleased to announce that its subsidiary Atmosphere Control International (ACI) has received £2.6m worth of orders from two export customers for submarine atmosphere management systems.
The first order, worth approximately £1.8m, is from DCNS, the French naval submarine builder, for the supply of an oxygen production plant for the Barracuda class submarine programme.
This is the fourth unit supplied within the Barracuda programme, which has two further boats on the horizon, and options within the framework agreement for ACI to supply systems for these. The equipment will be manufactured at ACI's Portsmouth facility for delivery in 2016.
The second order is to supply a carbon dioxide scrubber system to another overseas fleet. This system will also be built in Portsmouth for delivery in December 2015.
These contracts, together with other orders announced on 17 November 2014, have significantly increased ACI's order book and trading visibility. The combined value of these recent orders is £13.4m.
Phil Cartmell, Corac Group Chief Executive Officer commented:
"We are very pleased to have agreed these contracts alongside our recent successes in the UK submarine programme. It builds upon our proven leadership as specialist engineers in this part of the defence sector, extends the global reach of our technologies and further supports the Group's improving financial performance and market growth."
Ends
For further information please contact:
Corac Group plc | www.corac.co.uk |
Phil Cartmell, Chief Executive Officer Mark Crawford, Chief Financial Officer | 01753 285 800 |
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Cenkos |
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Ivonne Cantú / Elizabeth Bowman | 020 7397 8980 |
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MHP Communications | 020 3128 8100 |
Reg Hoare / Vicky Watkins / Charlie Barker |
NOTES TO EDITORS
Corac is a specialist engineering company, active in defence, energy and process industrial sectors. The Group designs and builds valuable solutions in compression systems, renewable energy, atmosphere management and fabricated equipment; and provides support services through the equipment's lifetime. Corac Group shares have been traded on the London Alternative Investment Market (AIM) since July 2001.