7th Jun 2023 09:49
Mercia Asset Management PLC - Warwickshire, England-based specialist asset manager - Says Warwick Acoustics Ltd has secured its first production contract with "a global top ten luxury [vehicle] manufacturer". Warwick is a Nuneaton, England-based audio systems manufacturer in which Mercia owns a 40.3% stake. The multi-year contract currently includes two vehicle programmes and will be delivered through a "significant expansion" of Warwick's design, development and manufacturing capacity. Warwick's products are based on its patented ElectroAcoustic panels. Mercia says the contract "is a major milestone for Warwick Acoustics, validating the performance and scalability for its proprietary automotive audio system".
Chief Executive Officer Mark Payton says: "Warwick Acoustics has already secured development contracts...but this landmark achievement represents the first transition of these into a commercial production agreement, following extensive evaluation and testing.
"We first backed this University of Warwick spin-out through our managed funds in 2009, as it sought to develop high-end headphones that have received global recognition and are sold worldwide. We first invested from our balance sheet in 2014 and have supported Warwick Acoustics as it resolved numerous technical and manufacturing challenges to reach the position they are in today - ready to revolutionise the passenger acoustic experience in high-end, sustainable vehicles."
Current stock price: 27.40 pence, up 3.4% in London on Wednesday
12-month change: down 7.9%
By Emma Curzon, Alliance News reporter
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