13th Jan 2022 14:30
(Alliance News) - PipeHawk PLC shares jumped over a quarter in value on Thursday after it announced its subsidiary signed a ten-year lease for a building in Worcestershire, England.
Automation provider subsidiary, QM Systems Ltd, has signed the deal for a modern open space building at Hartlebury Industrial Estate, at an annual rent of GBP263,000 with a rent-free period. With 44,000 square feet, the new building will give the company roughly 80% more additional office and commercial space than their existing premises.
The Hampshire, England-based transport engineering product and service provider's share price rose by 27% to 24.96 pence each on Thursday afternoon in London.
The need for more space is driven by QM's systems project business, and its expansion into contract manufacturing, and new product introduction.
The additional capacity will facilitate "significant growth" within QM in the coming years. The company plans to increase its workforce by 70% in the next year to further facilitate growth.
Gordon Watt, chair of PipeHawk, commented "This is a very exciting phase in the development of QM, where we are able to retain all of the expert knowledge within QM and move the business into a much more efficient, modern and spacious working environment... Here we have already signed contracts with two clients and are in advanced discussions with a third. The first of these is expected to commence production in June 2022."
By Elizabeth Winter; [email protected]
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