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React Group shares rise on contract extension with "major university"

10th Oct 2023 10:16

(Alliance News) - React Group PLC shares were boosted on Tuesday, after it said it has won a contract extension with an unnamed "major university."

Shares in the Birmingham, England-based cleaning, hygiene and decontamination firm were up 7.7% to 1.67 pence each in London on Tuesday morning. Over the last 12 months the stock has more than doubled from 0.83p.

React will provide contracted maintenance, cleaning and hygiene services to a major university, under the contract extension.

It said this extension has a total value of about GBP3.8 million during the contract term of three years. It noted that this represents a near doubling in value over the initial contract awarded three years ago and is the company's largest single annual contract to date.

Chief Executive Officer Shaun Doak said: "We are delighted to announce the extension of our contract with the university, which underscores the success of our ongoing partnership and the value we continue to deliver. This contract extension not only strengthens our existing relationship but also reflects the hard work and dedication of the people in our team."

By Sophie Rose, Alliance News reporter

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