18 November 2014 – contract win
A major contract win has provided a boost to the foundry and engineering group. The new contract is worth €26.0m over an eight year term and is with a leading European automotive industry components and parts supplier. The contract commences on 1 January 2015 and is expected to contribute initial revenues of €1m over the period to 31 March 2016. As it replaces a number of mature programmes at Walsall for the same customer, the additional revenue benefit is expected to become more significant from the financial year to 31 March 2017 onwards. We retain our BUY rating.