10th Oct 2022 11:10
(Alliance News) - PipeHawk PLC shares jumped on Monday as it said that its subsidiary QM Systems Ltd has won a GBP1.6 million contract.
PipeHawk is a Hampshire, England-based provider of technology for highways and for the automotive, rail and aerospace industries. Its shares were up 19% to 16.11 pence each in London on Monday morning.
The company said its subsidiary QM Systems has been awarded a contract to deliver a manufacturing assembly system for assembling a rotor component that will be used in an Aerospace E-Motor.
"The project entails a significant investment by a leading aerospace client into electric aero propulsion for light aircraft and will involve the fully automated assembly of a magnetized rotor assembly," PipeHawk explained.
The company expects work to begin immediately and the GBP1.6 million contract to be complete within the next 12 months.
PipeHawk Chair Gordon Watt said: "QM has a long-established trading history within the Aerospace Sector providing both assembly and test solutions utilised in jet engine manufacture. This project capitalises on QM's experience within Aerospace markets to develop systems with an environmentally friendly footprint."
By Sophie Rose; [email protected]
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