Corac gets first order from ten-year Spirax-Sarco deal

Specialist engineer Corac (LON:CRA) has received a first commercial order from the ten-year agreement signed with steam valve group Spirax-Sarco (LON:SPX). The initial order is for five micro-turbine units with spare parts to be built at Corac’s Portsmouth facility. Phil Cartmell, chief executive, said: “We are very pleased to report that our agreement with Spirax has moved forward into the next phase with a commercial order. “This order builds on the activities carried out over the last three years and begins the commercial exploitation of these products. Today also marks the last day in which the company is named Corac, as last month shareholders agreed to change the company’s name to TP Group. Broker Cenkos said: “Investors should take confidence from Spirax’s decision to commission Corac to manufacture and assemble initial units to support launch ahead of the setting up of its own supply chain. “Today’s news should act as a catalyst to the shares providing increasing recognition of the potential value of the Spirax agreement.” Shares in the company were flat at 6.25p today.