Havelock shares up 7% on £20m schools contract

SHARES in Havelock Europa jumped 7 per cent yesterday after the Fife-based shopfitter landed a £20 million schools contract with construction giant Balfour Beatty.

Under the deal, Havelock will supply furniture and other fittings for 30 schools in the south of England over the next three years, with the potential for other schools to be added.

Havelock – which lists Marks & Spencer, Primark and Virgin Money among its clients – has been buffeted by the economic downturn, losing long-serving chief executive Hew Balfour in April and shifting its listing from the London Stock Exchange’s main market to its Alternative Investment Market.

In September, the firm revealed it had cut its half-year losses from £4.6m to £1.5m. The company was helped by an expansion of overseas work.

Eric Prescott, Havelock’s chief executive, said: “Having worked with Balfour Beatty for many years, we are delighted that our relationship has been recognised through a framework agreement and now both parties can focus on maximising the value and quality of service we deliver for our mutual customers.” The shares closed up 0.88p at 13.38p.