Inspace plc

Inspace plc

September 01, 2005 02:02 ET

Inspace plc: Contract Award

LONDON, ENGLAND--(CCNMatthews - Sep. 1, 2005) - Inspace plc (AIM:INSP), the property based support services business that has established itself as one of the UK's leading social housing repair and maintenance providers, is pleased to announce a new contract award from the London Borough of Hammersmith and Fulham. The award is expected to be worth around GBP 80 million over the full 10 year period. The Group's order book now exceeds GBP 450 million, extending as far as 2020.

Inspace will provide the London Borough of Hammersmith and Fulham with responsive repairs and maintenance services to 6,000 properties in the south of the borough and assume responsibility for managing void properties across the council's entire portfolio of 13,000 units.

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Notes to editors

Inspace plc is a property based support services business that has established itself as one of the UK's leading social housing repair and maintenance service providers with a turnover of over GBP 100 million and a current order book which now exceeds GBP 450 million and stretches as far as 2020.

The Company has three complementary areas of activity delivered through four business streams under the Inspace brand:

Partnerships provides repair, maintenance and improvement of social housing stock which includes maintenance of building fabric, maintenance of engineering services reinstatement of void homes, minor capital projects and Decent Homes improvement works under regeneration schemes.

Maintain and Environment provides repair, maintenance and improvement of corporate and public sector non-housing real estate. Maintain is one of the UK's largest fabric maintenance businesses delivering an integrated 24/7 reactive service and planned maintenance & minor capital works with a national infrastructure across England, Scotland and Wales. Environment performs mechanical and electrical maintenance.

Complete provides interior design, installation and furnishing of corporate and public sector non-housing real estate. The design led service offers its customers an integrated 'one stop' solution. There are natural synergies with Maintain and Environment's customer base.

Industry forecasts show a steady social housing repair and maintenance market over the next 15 years, running at around GBP 4 billion per annum. These forecasts illustrate the constant need for repairing and improving housing stock. The private non-residential repair and maintenance market was indicated to be worth approximately GBP 14 billion in 2004, representing approximately 32.1 per cent. of the total UK repair and maintenance market.

Further information on Inspace can be found at http://www.inspace.co.uk





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