Source - Alliance News

Eneraqua Technologies PLC shares rose on Monday as the firm reported a new contract to add to its order book.

The London-based energy and water efficiency solutions provider said it has signed a contract with a new unnamed UK social housing client to deliver ground source heat pump systems. The contract will be phased over up to three years.

The firm does not provide the individual value of the contract. However, it said when combined with other smaller contracts in recent days, the contracts have a total aggregrate total value of up to £35 million.

Shares in Eneraqua were 15% higher at 302.00 pence each in London on Monday morning.

The contracts will increase the firm’s order book, taking cover for its revenue target for the year ending January 2023 to 85%, from 72% previously.

‘We are pleased to announce these new contracts, with both new and existing clients. It is clear that the underlying drivers of our end markets are accelerating; there is a clear demand for our products and services and we are confident in the growth prospects of our group,’ said Chief Executive Officer Mitesh Dhanak.

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