Zenova receives inaugural order from Albanian client

2nd Sep 2024 09:42

(Sharecast News) - Fire safety specialist Zenova Group revealed on Monday that it had received an inaugural order for its Zenova FP fire retardant paint from a "large, new client" in Albania.

Zenova said it has received an initial order for 920 litres of Zenova FP intumescent / fire retardant paint from The Kastrati Group, successfully negotiated by AED, its recently announced Albanian sub-distributor. Revenues will be recognised in the current financial year.

The AIM-listed group stated the basic Zenova FP colour will be customised to the client's specific tinting needs and will then be used as a trial application, which was expected to lead to larger follow-on orders.

Chief executive Thomas Melchior said: "Our sub distributor-driven sales model in targeted markets is beginning to take root.

"After Wednesday's announcement of a significant inaugural order with UK fire safety products' giant, O Heap & Son, today's breakthrough with Kastrati constitutes what our management team sees as an accelerating trend and further supports our confidence in Zenova's future."

As of 0940 BST, Zenova Group shares were up 4.35% at 1.20p.

Reporting by Iain Gilbert at Sharecast.com