4 September 2018 – expansion into UAE
The company which produces a near waterless laundry system has expanded into the UAE with a contract to supply 32 washing machines to its distribution partner in the country. These will be installed into premium hotels and the first shipment will be made to Dubai this month. Coming on the back of the recent contract to supply machines into South Africa this is clearly further evidence that the business is beginning to gain traction. Obviously the shares are risky as the group continues to make large losses, but with increasing sales beginning to come through we believe the shares are a SPECULATIVE BUY.