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React Group secures three big contracts
(Sharecast News) - Cleaning, hygiene and decontamination service provider React Group announced the acquisition of three significant contracts, collectively valued at over £1.3m annually, on Thursday. The AIM-traded firm said the contracts had been either mobilised, or were in the process of mobilisation, throughout April.
One of the contracts would involve the renewal and expansion of a facilities management (FM) soft services agreement with an NHS trust in the Midlands.
The agreement would span at least three years, with an option to extend to five years.
Valued at around £0.79m over the initial three-year term, it represented a substantial increase of about 30% in services compared to the last agreement.
Additionally, the company had secured a two-year extension for its core vendor agreement, initially established three years ago with one of the world's largest FM companies operating in the UK.
Within that extension, a new incremental agreement was included to provide crime scene cleaning services for a significant UK government agency, historically spending around £0.5m annually on reactive specialist cleaning.
Furthermore, React said it had successfully obtained a new agreement with a leading UK FM business to deliver emergency decontamination services as a single point of service to its clients, including several renowned brands.
The incremental revenue potential from that agreement was estimated to be around £0.5m per year.
"We are delighted that the company has continued its trading momentum winning new customers and expanding its services with existing ones," said chief executive officer Shaun Doak.
"These three material contracts have been awarded in addition to a stream of small and medium sized wins which demonstrates both the demand and the cross selling opportunities for our services and as such, underpins our confidence in full-year 2024 performance."
At 1411 BST, shares in React Group were up 1.67% at 67.1p.
Reporting by Josh White for Sharecast.com.
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