RA International Group PLC Contract win and trading update (2879X)
December 18 2019 - 1:00AM
UK Regulatory
TIDMRAI
RNS Number : 2879X
RA International Group PLC
18 December 2019
18 December 2019
This announcement contains inside information
RA INTERNATIONAL GROUP PLC
("RA International" or the "Company" and, together with its
subsidiaries, the "Group")
Contract win and trading update
RA International Group PLC (AIM: RAI), a leading provider of
services to remote locations in Africa and the Middle East, has
been awarded the second phase of a contract with Cherokee Nation
Mechanical, LLC, working on behalf of the U.S. Department of State,
to provide construction services at a U.S. Embassy in East Africa
("US Embassy"). The value of phase 2 is USD 9.1 million, bringing
the total contract value to USD 10.9 million.
Under the terms of the contract, RA International will provide a
variety of upgrades and refurbishment works at the US Embassy.
Phase 1 of the contract has already commenced and is expected to be
materially complete by 31 December 2019, with phase 2 scheduled for
completion by the end of 2020.
In the second half of 2019 the Group has successfully delivered
contracts across all three service channels and further progress
has been made in diversifying the Group's operations
geographically. As a result of the Company's increased activity,
the Board expects to be slightly ahead of full year turnover
expectations in 2019, while profitability is projected to be
broadly in line with expectations.
The Board is also pleased to confirm that the contract backlog
remains strong at USD 148 million, with approximately USD 55
million of this backlog contracted to be delivered in FY 20.
Soraya Narfeldt, CEO of RA International, commented: "This
contract is testament to the significant work we do in remote
locations with our existing customer base who put their trust in
us. Cherokee have been fantastic to work with and we are delighted
with the results of our work to date and look forward to commencing
phase 2 works and continuing to support the needs of the U.S.
Department of State and the Bureau of Overseas Buildings
Operations."
* * * * *
Enquiries:
RA International Group PLC Via Hudson Sandler
Soraya Narfeldt, Chief Executive Officer
Lars Narfeldt, Chief Operating Officer
Andrew Bolter, Chief Financial Officer
Cenkos Securities PLC (Nominated Adviser
and Broker)
Derrick Lee +44 (0)131 220
Peter Lynch 6939
+44 (0)207 796
Hudson Sandler LLP (Financial PR & IR) 4133
Daniel de Belder rainternational@hudsonsandler.com
Bertie Berger
About RA International
RA International is a leading provider of services in remote
locations across Africa and the Middle East. It specialises in
three service channels: construction; integrated facilities
management; and supply chain. It has a strong and loyal customer
base, largely comprising UN agencies, western governments and
global corporations.
The Group provides comprehensive, flexible, mission critical
support to its clients enabling them to focus on the delivery of
their respective businesses and services. RA International's focus
on integrity and values alongside on-going investment in people,
locations and operations has over time created a reliable and
trusted brand within its sector.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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