Eco Buildings sells first full modular building

Modular housing company Eco Buildings Group revealed on Thursday that it has completed and sold its first full building.

Eco Buildings said the benchmark moment came hot on the heels of a recent upgrade to fully automated production at its panel manufacturing facility in Durres, Albania that allows it to produce panels at a higher rate and a lower cost than previously forecast.

The AIM-listed group added that the manufacture and sale of its first modular building showcased the new facility, with fully automated production enhancing its "competitive edge" in the "high-growth industry".

Chief executive Sanjay Bowry said: "The construction and sale of our first complete building to a customer in Albania is an important milestone for Eco Buildings. Our dedicated management and engineering teams in Durres have delivered innovation, increased productivity and reduced cycle times. This important step underscores our ability to deliver on our pipeline of contracted projects.

"Eco Buildings is now strategically positioned to leverage its manufacturing capabilities in the marketplace. The company continues to focus on expanding its presence in the modular construction sector, driving forward with a commitment to innovation and efficiency. "

As of 1130 BST, Eco Buildings shares had shot up 10.87% to 14.97p.

Reporting by Iain Gilbert at Sharecast.com