25 May 2012

Hightex wins Maracana order

07/12/2011 Ben Jaglom

Membrane roof specialist Hightex has won a contract to work on the roof of the Maracana stadium in Brazil ahead of the 2014 World Cup.

The AIM-quoted concern clinched the contract together with its Brazilian partner SEPA for the supporting cable system and membrane structure for the stadium in Rio de Janeiro, the venue for the final game of the World Cup in a deal worth €10 million (£8.5 million).

It noted the work is expected to be completed in the first half of 2013 with Hightex adding it continues to 'vigorously' pursue contracts at three other stadiums in Brazil relating to the 2014 World Cup.

Chief executive officer Frank Molter noted that Hightex was involved in the roof structures in Johannesburg and Berlin for the 2010 and 2006 World Cups and described the win with the Maracana as a 'highly prestigious achievement'.

Recommended by Growth Company Investor last August at 7.5p the shares have performed poorly since, currently trading at 2p.

This September the group released a profit warning in which it mentioned that 'complex technical challenges' and an 'unforeseen market situation' would lead to the company posting a loss of €1.3 million in the first half. At the current price we would suggest staying clear for now until further encouraging newsflow emerges.

Tags: Business in Brazil, Construction industry, World Cup 2014

Sector: Construction & Materials

Companies: Hightex

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