React Group raises £1.25mln via placing to boost activities amid high demand for infection control

The cleaning specialist placed 83mln shares at a 1.6% discount to Tuesday’s closing price


React Group PLC (LON:REAT) has raised £1.25mln through a share placing to boost its sales activities as its services are in high demand.

The cleaning specialist placed 83mln shares, representing 16.67% of the company, for 1.5p each, which is a 1.6% discount to Tuesday’s closing price.

READ: React Group sales climb but restructuring takes its toll

The proceeds will be used to fund growth and boost sales activities.

The AIM-listed firm said recent trading has been topping forecasts, so it expects to deliver a small operating profit for the six months to March 31.

While its regular maintenance services have remained stable during the coronavirus outbreak, there was a spike in demand for decontamination and infection control.

Shares shot up 8% to 1.65p on Wednesday at the opening bell.

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