Share price of Aim-listed PipeHawk more than doubles after contract win
Shares in Aim-listed engineering company PipeHawk soared over 130 per cent this afternoon after the company announced a major contract win.
The firm’s subsidiary QM Systems has been selected to work with Cox Powertrain to develop a production system for a new diesel engine for boats.
Cox Powertrain’s light weight diesel outboard engine, developed with backing from the Ministry of Defence, has a power-to-weight ratio which means it is able to hang on a boat’s stern while maintaining durability. It is the first professional diesel outboard engine of its kind.
QM Systems will start the project to develop a manufacturing system for the product immediately. The contact is worth in excess of £1.6m to PipeHawk.
Shares in PipeHawk jumped 146 per cent in afternoon trading.
The company’s chairman Gordon Watt said: “This is wonderful news for the start of our new financial year and further demonstrates QM System’s ability to continually expand with the development of new partners into exciting industries. We are really proud that we have been selected by such a prestigious client in Cox Powertrain to become their partner of choice in this very exciting project.”
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