Advanced Power Components soars on multiple contract wins

Shares in AIM-listed Advanced Power Components (APC) rose sharply on Wednesday morning after a subsidiary of the distributor of specialist electronic components, Minimise, received an order for the supply of energy efficient light-emitting diodes (LED) lights, valued at up to 2.8m pounds.

The group pointed out that the contract was in addition to previously announced contracts, totalling £6.1m, and extended the planned delivery schedule to the customer into APC's new financial year commencing September 1st 2013. It said that the timing of deliveries between this financial year and next had yet to be determined.

Additionally, Advanced Power Components said that Minimise had received orders from a UK transport infrastructure company for LED lighting and for remote monitoring systems.

Mark Robinson, Chief Executive Officer of Advanced Power Components, commented: "This new order is further validation of the quality of both the product and service provided by Minimise, which has not gone un-noticed in the retail sector."

He added: "In addition, the contracts received for LED lighting and monitoring technologies from the major UK transport infrastructure company are particularly pleasing as they offer the potential for growth in a new and significant market sector."

Advanced Power Components' share price was up 11.97% to 32.75p at 10:35 on Wednesday.

MF