Enfis wins Chinese contract
Lighting technology firm, the Enfis Group, saw a huge boost to its share price yesterday, after announcing its biggest contract win in two years.
The Swansea company – which is listed on the Alternative Investment Market – has secured a contract to supply LED arrays and drivers for the NBA Stadium under construction in Guangzhou, China, for the Asian Games showcase in November.
A new lighting design for the exterior of the stadium will be powered by more than 900 high-power, smart LED light engines from the company.
Following the announcement, the company’s share price increased by 133% to 24.5p, up 14p. The value of the deal for the company has not been disclosed.
Delivery of the arrays and drivers will be completed in August and the revenue generated from the deal will be booked in the second half of Enfis’ year, ending December 31, 2010.
The deal represents the biggest contract for the Swansea firm since its lighting featured in the Abu Dhabi grand prix in 2009 – when it provided the lighting for the 500-room, 85,000 sq m Yas Hotel, which was one of the most memorable buildings on the course with the track running through the hotel.
Chief executive of Enfis, Ceri Jones, said: “Enfis is very pleased to be chosen as a key partner in this prestigious project. As a result, Enfis light engine technology will be showcased to the whole of Asia during the Asian Games to be held in November 2010.
“The project should act as a lighting flagship for Enfis and its partners, with excellent prospects for follow-on business in China and throughout the Asian continent.”
The lighting plan was conceived by Qinghua University department of architecture in Beijing.
The lighting fixtures are being supplied by a Hong Kong-based company and the lighting control system will be provided by E-cue, part of Osram, based in Germany. E-cue supplied the lighting control system for the Yas Hotel.
The boost comes at an opportune time for Enfis, which had previously struggled through the downturn, reporting a post-tax loss of £1.8m in 2009 and revenue dropped to £0.7m from £1.6m previously – something the company said was “significantly lower” than expectations.
- Ends -
10 August 2010
Source: Wales Online
