18 June
2024
PipeHawk
plc
("PipeHawk", "Company" or the "Group")
Update on
partnership
with Unipart Rail Limited
PipeHawk is pleased to provide the
following update in relation to Thomson Engineering Design Limited
("TED"), one of the Group's subsidiaries, and its progress with its
partnership with Unipart Rail Limited ("Unipart Rail").
On 20 September 2022, it was
announced by PipeHawk that TED and Unipart Rail had entered into a
Memorandum of Understanding to establish Unipart Rail as the
exclusive global distributor for a range of standard TED products,
which included TED's attachments, outside of the UK (the "MoU"). It
was also announced that as part of the MoU there were no minimum
sales required to be achieved to maintain this exclusive
arrangement.
More recently, TED's partnership
with Unipart Rail has further expanded beyond the distribution of
TED's standard products to include the manufacture and distribution
of TED's high output, self-propelled equipment.
With the above progress, the Company
is pleased to report that whilst revenues at TED recognised in the
year to 30 June 2023 under the MoU were only £30k, the Company
expects this to have increased to approximately £0.5m in the year
ending 30 June 2024, with a further £250k of revenue already booked
for the year ending 30 June 2025.
Gordon Watt, Chairman of PipeHawk commented:
"While it has initially taken some time for orders
to materialise under the MoU with Unipart Rail, we are pleased to
note the recent uptake in orders which includes both an increase in
value and frequency for both the attachments and high output
machinery.
Our expectation is that TED's
partnership with Unipart Rail will provide a strong channel for
growth in terms of revenue and profitability outside of the
traditional TED work streams, which historically has predominantly
been UK orders.
In addition to the MoU, TED and
Unipart Rail have also recently won joint funding from Innovate UK,
Global Centre of Rail Excellence for the development of Mobile Rail
Panel Handler (the "Project"). This Project is well underway and
will see the development and manufacture of very innovative
solution for handling large rail panels.
The establishment of the latest
Project between TED and Unipart Rail is leading to increases in
orders for TED and is providing for some very innovative rail
handling solutions that will soon be available to clients globally.
I am personally really looking forward to seeing how this Project
develops over the coming months."
-Ends-
Enquiries:
|
PipeHawk plc
Gordon Watt (Chairman)
|
Tel. No. 01252 338 959
|
|
Allenby Capital Limited (Nomad and Broker)
|
Tel. No. 020 3328 5656
|
David Hart / Vivek
Bhardwaj
For further information on the
Company and its subsidiaries, please visit:
www.pipehawk.com