React wins contract extension with 'major university'

10th Oct 2023 10:33

(Sharecast News) - Cleaning outfit React Group has been awarded a contract extension to provide maintenance, cleaning and hygiene services within the education sector for an unnamed "major university".

React said on Tuesday that the extension has a total value of roughly £3.8m during the contract term of three years, which represents a near doubling in value over the initial contract awarded three years ago.

The AIM-listed firm highlighted that the contract win was the group's largest single annual contract to date.

Chief executive 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."

As of 1030 BST, React shares were up 7.68% at 1.67p.

Reporting by Iain Gilbert at Sharecast.com