Shares in RC Fornax PLC (AIM:RCFX) rose 11% to 6.49p after the defence-focused engineering consultancy announced its first major win in the UK public sector, securing a competitive tender worth about £370,000.
The contract places the company as lead contractor on an unnamed government space-sector programme. RC Fornax will head a consortium of specialist small businesses and academic groups from the UK and Europe, acting as the main integrator bringing together the project’s technical elements.
Because the award sits within a framework structure, the company said it could lead to further work without the need for a new tender each time — a common feature of public sector procurement designed to speed up follow-on projects.
The firm will retain full ownership of the intellectual property created during the engagement, giving it the option to commercialise or license the technology beyond the initial contract.
Chief executive Paul Reeves said the tender win marked “an important milestone”, adding that success in competitive bids helped build the company’s reputation and supported its role as an SME integrator.