MayAir secures $7.1m air filter contract with China's BOE Technology

Air purifier manufacturer MayAir’s industrial division secured a $7.1m contract to supply China’s BOE Technology with fan filtration units and cleaning equipment.

The project with BOE Technology is to complete during the year and the company anticipates that the majority of revenue, along with the other contract wins worth $10.6m, will be part of this financial year.

Chief executive Yap Wee Keong said: "During the last two months, we have successfully secured major industrial and commercial contracts totalling $33.4m and we are delighted to announce a further contract win totalling $7.1m in our Industrial division.

"Securing yet another partnership strongly reaffirms our continuing success in providing leading global clean air solutions for application in new buildings, in addition to our ability to retrofit with existing infrastructure which provides a stable recurring revenue stream for the group. We now have visibility of a significant percentage of our full year revenue target, which provides reassurance and a solid platform for further growth."

BOE Technology is a manufacturer and supplier of internet of things technologies, products and services, which are used in mobile phones, tablets, notebooks, TVs, vehicle displays, healthcare, finance, and wearable devices.

Shares in AIM listed MayAir were up 7.25% to 48.80p at 1620 BST.