21st Aug 2024 12:23
Eco Buildings Group PLC - London-based housing and construction group - Raises GBP450,000 via a subscription for 4.5 million new shares. Says the funds will be used to complete delivery on the 25,000 square metre purchase order for wall panels. Adds that the company is now in a position to execute on its two long-standing contracts in the Durres region, following the completion of equipment and software upgrades to its primary production line. These are expected to generate revenue of over EUR114 million in the coming three years.
Chief Executive Officer Sanjay Bowry says: "The management team at Eco Buildings is grateful to our shareholders for their patience and support. Today's capital raise allows us to execute on a short-term purchase order, as well as likely providing the springboard for further orders under negotiation in the near term...While reaching this crucial revenue and cash flow point took longer than expected, our customers remain eager for our proven, innovative, low-cost modular solution. This business model, which minimizes delivery risks by batch producing near the site, keeps us competitive and ready to capture growing demand. We look forward to updating the market soon with new initiatives."
Current stock price: 10.00 pence, down 13% in London on Wednesday afternoon
12-month change: down 61%
By Holly Beveridge, Alliance News senior reporter
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