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Hightex Group

  • BY: Andrew Hore |
  • POSTED: 14/11/2011 |

Peter Gyllenhammar’s Bronsstädet AB Union Discount Company has taken a 5.9% stake in membrane roofs installer Hightex Group.

This helped to push up the share price from 1.35p to 1.8p, which values Hightex at £3.38m.

Hightex recently won a $5m plus contract to supply a membrane roof to the Prince Sultan Cultural Centre at King Saud University, Riyadh in Saudi Arabia. Even so, order visibility is a problem. Orders for Brazilian stadia for the 2014 World Cup have been delayed.

Hightex reported revenues 24% higher at €17.1m in the six months to June 2011 but it swung from a profit of €636,000 to a loss of €1.3m. There was a €2.52m outflow from operating activities. Net cash was €90,000 at the end of June 2011.

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