MayAir secures $13.6m contract with Chinese state-owned electronics company

MayAir Group, a leading manufacturer of air purification technology for use in industrial settings, cliched an industrial sales contract to the tune of $13.6m and told shareholders trading at the half-year stage of 2017 had been "good".

The company will supply fan filtration units, filters and related clean room equipment to CEC Panda Display Technology Co.

Based in Chengdu, China, CEC Panda is a Chinese LCD panel manufacturer and a subsidiary of Panda Group, a large state-owned electronics company that has been operating for over 70 years.

It has anticipated that the project will be completed by the end of 2017, and expects the majority of the revenue due to the group will be received in the current financial year.

Yap Wee Keong, Chief Executive Officer of MayAir Group, said: "It is particularly pleasing to announce today such a significant contract win with CEC Panda, who are one of MayAir's existing customers, particularly as the Group is encountering increased competition within Industrial sales. Our extended partnership with CEC Panda reaffirms our continuing success in providing leading global clean air solutions which provides a stable recurring revenue stream for the Group."

In the statement released Thursday morning, MayAir also stated that interim results would be announced in September, but noted "trading in the first half of the current financial year has been good".

As of BST 0915, stocks had advanced 9.09% to 84.00p.