Zenova Group shares jumped in early trade on Monday after announcing a new deal for the supply of their fire-protective paint.
Zenova Group, a fire suppression and interdiction solutions company, has secured a substantial two-year contract with Drips and Sparks Ltd. The contract entails the supply of 200,000 litres of Zenova’s FP coating, which will be applied to steel surfaces at various project sites of Gracewood Construction Ltd in the UK.
The order, valued at £2.4 million, will be paid in equal monthly instalments against deliveries to specified sites. This sizable contract follows a successful 12-month trial period with Drips and Sparks, facilitated by Zensafe Ltd, one of Zenova Group’s major sub-distributors in the UK.
Zenova shares were 26% higher at the time of writing.
“This is a major contract win for our FP paint,” said Thomas Melchior, CEO of Zenova Group.
“In addition to a significant effort from our sales team working alongside Zensafe, winning this is also the result of the Company’s now well-engaged strategy of focusing on validating and aggressively marketing our best-in-class fire suppression products through a streamlined B2B distribution model.
“Securing a contract of this size further demonstrates the value-add of Zenova and its suite of high performance products, as we bring solutions to global needs. I fully expect our team to continue to deliver new business across all of our paint and extinguisher products, and look forward to updating the market on those developments in the near-term and beyond.”
