Mountfield wins £2.4m contract extension

Property fit-out specialist Mountfield Group won three new contracts worth a total of £2.4m from one of its principal clients.

The AIM-traded company said it will begin work immediately on the project, which will see Mountfield upgrade the operational infrastructure of the client’s property estate, with works expected to be completed before the end of the year.

Mountfield said it had seen an increase in order values of 260% between 2016 and 2017 for the client concerned and that the client’s orders in 2018 are already in excess of £4m, exceeding 2017’s total before the year has reached its halfway point.

The company’s directors expect additional orders will be placed by the same client before the end of the financial year.

Graham Read, managing director, said: “We are extremely pleased to be awarded these latest orders and have done so as the client acknowledges MBG's ability to deliver contracts on time. I would like to thank our site teams for their substantial contribution to achieving these wins.”

As of 0827 BST, Mountfield Group’s shares were up 9.86% at 1.95p.