Eco Buildings Group PLC (AIM:ECOB) shares leapt 16% higher in Thursday morning's trade, after it landed a €2.2 million contract to build an 18-unit luxury apartment block in Tirana, Albania.
Construction will begin immediately, and the eco-friendly prefabrication construction specialist said negotiations are ongoing for five more similar projects.
Each apartment block is expected to generate €2.2 million in revenue with a 40% gross margin, it told investors.
"This contract represents the first phase of a premier luxury development in Tirana, It highlights the superior quality of our factory-produced products and reaffirms our strategic decision to establish operations in Albania," said executive vice chair Etrur Albani.
Eco Buildings separately said it had raised £300,000 through a zero-coupon convertible loan note, issued at 4p per share to existing shareholder Frazer Lang.
In London, Eco Buildings Group shares were up 16% to 3.2p, and earlier in the session reached 4p. At today's level the business is valued in the market at some £3.26 million.