Australia's Matrix Composites & Engineering rises on securing contract LOI

Matrix Composites & Engineering

08/12/2021 24:25

** Shares of Matrix Composites & Engineering  MCE.AX  rise
as much as 9.4% to A$0.175, set for their best day since Nov. 23
    ** The engineering products and services co secures letter
of intent from HMH USA for the supply of a Deepwater Drilling
Riser Buoyancy System in Asia  urn:newsml:reuters.com:*:nASX5q69HK
    ** Says the award is expected to be formalised with a
purchase order within 90 days at an agreed value of at least
A$14 mln ($9.97 mln) 
    ** Co expects that revenue from contract will predominantly
be earned during FY23 
    ** Volumes are 2.4 times the 30-day average of 70,119 shares
    ** As of last close, stock up 3.2% this year

($1 = 1.4041 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))