PipeHawk PLC shares jumped on Monday as it said that its subsidiary QM Systems Ltd has won a £1 million contract.

PipeHawk PLC is a Hampshire, England-based provider of technology for highways and for the automotive, rail and aerospace industries. Its shares were up 15% to 15.00 pence each in London on Monday morning.

The company said its subsidiary QM Systems has been awarded a contract by RCR Flooring Products to deliver a manufacturing system for a floor jointing system.

RCR Flooring Products is the manufacturing division of RCR Industrial Flooring SLU, a company that offers integrated floor services ranging from design to construction.

‘The contract will make use of the latest automation technology to provide a turnkey solution for the manufacture of a floor joint system,’ PipeHawk explained.

The company added that the contract will generate around £1 million of revenue for QM. Approximately a third of revenue will be paid immediately, with the remainder paid over the duration of the agreement.

PipeHawk expects work to begin immediately and the contract to be complete within the next 12 months.

PipeHawk Chair Gordon Watt said: ‘This contract further expands QM’s offering in the fields of building construction, in particular groundwork solutions. We believe this contract presents a great opportunity for QM to further develop its project-based business within the building services sector.’

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