React Group wins three-year contract extension with Tier-1 customer

18th May 2021 09:06

(Sharecast News) - Cleaning and decontamination company React Group revealed on Tuesday that it has had been awarded a contract extension to provide specialist deep cleaning services to an unnamed Tier-1 customer in the rail sector.
React said the contract was part of an essential deep cleaning service already being providing to the key customer and was worth approximately £270,000 and will run for a period of 26-weeks.

Elsewhere, React announced that Fidelis Contract Services, which it acquired at the end of March, had also secured three new contracts during May, with each contract for an initial three-year term and all set to begin in May.

The AIM-listed group stated the three contracts together had a total contract value of around £320,000.

Chief executive Shaun Boak said: "These latest contract wins once again highlight the Company's strength in the specialist cleaning sector and reinforces Fidelis' track record of winning long-term contracts providing recurring revenue."

"These contracts provide further revenue visibility for the current year and beyond."

As of 0905 BST, React shares were up 6.07% at 3.58p.