Corac wins export defence sector order
RNS Number : 5725N
Corac Group Plc
19 May 2015
Corac wins £3.4m export defence sector order
Corac (AIM: CRA), the specialist engineering group focused on the aerospace & defence and energy & process industry sectors, is pleased to announce that it has signed a defence export order worth £3.4m with a major shipbuilding prime contractor in South East Asia.
The order builds upon a programme of work that was first announced in January 2014. It is for two atmosphere control systems, Corac's specialist submarine air purification equipment. The systems will be manufactured and assembled at Corac's clean technology centre in Portsmouth, for delivery in 2016 and 2018, with the majority of the revenue recognised from 2016 onwards.
Phil Cartmell, Chief Executive Officer, commented:
"We are very pleased to secure such a significant follow-on order from one of our established international partners.
"This order significantly boosts our aerospace & defence sector order book and provides good visibility of both revenue and production activity at our Portsmouth facility. It reiterates our superior technical proposition and strengthens our position in the international defence market."