MayAir Group plc (AIM:MAYA), a leading specialist provider of air purification technology, is pleased to announce that the Group has secured new contract wins in its industrial and commercial divisions with a combined value of US$10.6 million.
On 17 July 2016, the Group’s Industrial division was awarded a contract, expected to generate approximately US$5.3 million of revenue, for the supply and commissioning of MayAir’s fan filtration units (“FFUs”) and for the provision of filters in a cleanroom environment. The contract is withNanchang O-film Tech Co., Ltd (“O-film”), a wholly-owned subsidiary of Shenzhen O-film Tech Co. Limited, a China-based company principally engaged in the manufacture and distribution of precision optoelectronics thin-film components. MayAir will provide O-film with FFUs, filters and related clean room equipment for its factory located in Nanchang, Jiangxi.
The Directors expect that this industrial project with O-film will complete during 2016 and they therefore anticipate that the majority of revenue due to the Group will be recognised in the current financial year.
In July 2016, the Group’s Commercial division secured additional contracts expected to generate revenue of US$5.3 million. A number of these contracts, expected to be fulfilled in 2016, are to retrofit the offices of Huawei Technologies Co. Limited (“Huawei”) with the Group’s clean air and PM 2.5 monitoring systems in certain cities in China. These contracts follow the successful installation of the systems in Huawei’s offices in Beijing, Chengdu, Shanghai and Langfang. The Group has also secured a contract to install the existing office buildings of the State Grid Jiangsu Electric Power Company (“State Grid”) with MayAir’s indoor clean air solutions and PM2.5 monitoring systems.
The Group has also entered into a contract with the state-owned Guangzhou Metro Corporation, to supply indoor clean air solutions for the new Subway Lines (No. 9 & 14) of the metro system of the city of Guangzhou in Guangdong Province of China, which are currently under construction.
The Directors expect that the majority of revenue from these Commercial contracts will also be recognised in the current financial year.
Yap Wee Keong, Chief Executive Officer of MayAir Group, said: “Following on from the US$22.8 million of contract wins that we announced at the beginning of June 2016, we are delighted to announce further contract wins totalling US$10.6 million secured in July 2016 across both our industrial and commercial divisions.
These new partnerships highlight the continuing success of our strategy to become a leading global provider of clean air solutions. MayAir has the technologies and solutions, as well as brand recognition, to grow sales and our ability to win new business has increased each year as the global demand for both clean room facilities across a range of industries, and the large commercial clean air market, where we have secured contracts for both retrofit and new build projects, continues to see strong growth. We are particularly pleased to secure additional contracts for customers in our commercial division where we have previously installed our clean air solutions at their other sites. 2016 to date has produced robust revenue growth and as a result, we look forward with much confidence.”
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 Regulatory Information Service (“RIS”), this inside information is now considered to be in the public domain.