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Sureserve Group (SUR) Shares Jump On £36m Contract Win

Sam Boughedda
Sam Boughedda trader
Updated 8 Jul 2021

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Sureserve Group (LON: SUR)

Sureserve Group (LON: SUR) shares have jumped on Thursday after the company said two of its wholly-owned subsidiaries, K&T Heating Services and Aaron Services, have successfully secured a long-term Gas Servicing, Repair, Installation and Electrical Testing Contract with PA Housing.

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PA Housing is a registered social housing provider that owns and manages more than 23,000 homes across the Midlands, London and South East.

The contract is capped at eight years, beginning in August, with Sureserve stating that it is expected to generate a combined sales revenue of £36 million.

David Greenfield, managing director of K&T Heating Services, commented: “We are delighted to be confirmed as the Service Partner for the London & South East region on this contract and truly excited to be able to build a strong & reliable future with PA Housing.

“By securing a long-term Contract of this nature, it allows us to develop a true working partnership with PA Housing and their residents and create exciting opportunities for all of our team.”

Sureserve’s share price is up 4% at 81.5p following the news. Earlier in the session, it reached a high of 84p.

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Sam Boughedda
Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.