Shares in aerospace engineering firm Hampson Industries jumped by more than 30 per cent after it received its largest ever tooling contract.
The Brierley Hill-based manufacturer saw its share price jump 30.9 per cent to 26.5 pence this morning after a big deal for its US arm was revealed.
The £34 million contract is for a “major” commercial aerospace programme and will start immediately, the company said.
The company said it expected the contract value to be realised over a year, and did not require significant capital investment.
Hampson also said it was conducting a full review of its operations, which may result in the sale of certain assets.
Last month, the company said its full-year profit would fall short of market expectations due to a slowdown in orders at its aircraft tooling unit.
Hampson’s chairman Chris Geoghegan said: “This contract follows many months of outstanding work by our people against a challenging market backdrop. It attests to the strength and depth of our technical capabilities in advanced composite materials and our ability to offer our global customers a unique value proposition using the latest available material and tooling technology.”
Hampson shares had previously lost nearly two-thirds of their value since the company issued the profit warning.