MayAir Group plc (LON:MAYA), a leading specialist provider of air purification technology, has today announced that the Group has secured a contract win in Industrial sales for a total value of US$13.6 million.
MayAir’s Industrial sales has been awarded a contract to supply Chengdu CEC Panda Display Technology Co Limited (‘CEC Panda’) with fan filtration units (‘FFUs’), filters and related clean room equipment. Based in Chengdu, CEC Panda is a Chinese LCD panel maker and is a subsidiary of Panda Group, a large state-owned electronics company which has been operating for over 70 years.
The Directors expect that this industrial project will complete during 2017 and they therefore anticipate that the majority of revenue due to the Group will be recognised in the current financial year.
Yap Wee Keong, Chief Executive Officer of MayAir Group Plc, said: “It is particularly pleasing to announce today such a significant contract win with CEC Panda, who are one of MayAir’s existing customers, particularly as the Group is encountering increased competition within Industrial sales. Our extended partnership with CEC Panda reaffirms our continuing success in providing leading global clean air solutions which provides a stable recurring revenue stream for the Group.
Trading in the first half of the current financial year has been good and we look forward to reporting progress made when we announce our interim results in September.”
