Cinpart’s energy efficiency subsidiary Active Energy has won a £1.18m contract with “a well known leading international retailer and manufacturer of affordable home products”.
Cinpart owns 65% of Active Energy. The installation of the units should be completed in the third quarter of 2009.
Active Energy was set up after the year end to market the VoltageMaster range of voltage optimising transformers. They reduce and stabilise the voltage of electricity supplied to factories, offices and hospitals. VoltageMaster claims to cut electricity consumption by up to one-fifth in some cases.
Cinpart reported a fall in revenues from £2.82m to £2.03m in 2008, which led to a swing from a profit of £140,000 to a loss of £335,000. Foreign exchange gains of £155,000 reduced the 2008 loss to £192,000.
Cinpart has more than £500,000 in the bank following a £729,000 fundraising in March 2009. The cash call was to help finance Active Energy.
The shares rose 1p to 12.25p a share, which values Cinpart at £8.38m.
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