Eneraqua wins social housing heat pump contract

Energy and water efficiency specialist Eneraqua Technologies announced the award of a contract to deliver ground-source heat pump systems for a new UK social housing client on Monday, to be phased over up to three years.

The AIM-traded firm said the contract win, together with other, smaller recent awards, had an aggregate total contract value of up to £35m.

It said the new wins increased its order book, taking cover for its 2024 financial year revenue target to 85% from the prior 72%.

The board said the order book was continuing to provide full revenue cover for the company’s 2023 revenue target.

“We are pleased to announce these new contracts, with both new and existing clients,” said chief executive officer Mitesh Dhanak.

“It is clear that the underlying drivers of our end markets are accelerating - there is a clear demand for our products and services and we are confident in the growth prospects of our group.

“We are delighted that coverage for our revenue target for the next financial year is already 85% covered, which the board believes highlights the confidence in the group's earnings outlook.”

At 1408 BST, shares in Eneraqua Technologies were up 11.07% at 291p.

Reporting by Josh White at Sharecast.com.