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Challenger Acquisitions eyes new revenue opportunities with manufacturing facility

Previously, the firm outsourced the manufacturing and testing of the control systems for Giant Observation Wheels

The London Eye
The firm specialises in building giant wheels, like the London Eye

Shares in Challenger Acquisitions Limited (LON:CHAL) spun higher as it created a new potential revenue stream by opening its own manufacturing facility in the Netherlands.

Previously, the firm outsourced the design, manufacturing and testing of the control systems for Giant Observation Wheels (GOW) but this will allow it to do it inhouse and build control systems for other types of projects than giant wheels.

Chief executive Mark Gustafson said: "We are delighted to have further strengthened our position as the go-to team for the design, engineering and delivery of Giant Observation Wheels.

"Crucially, there is an opportunity to offer our drive and control system capabilities to a multitude of projects, not just GOWs, and we look forward to building this aspect of our business, with work currently underway for the control system of the NY Wheel."

The team at the 500 sq m workshop and 150 sq m office in Enschede  is currently working on a "high-tech" drive and control system for the US$500 million New York Wheel.

Shares added 3.37% to 23p a pop.

Quick facts: Challenger Acquisitions Limited

Price: 0.13 GBX

LSE:CHAL
Market: LSE
Market Cap: £410.2 k
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