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IPS Securex bags S$3.6m maintenance order from government agency

IPS Securex has secured a S$3.6 million order from an undisclosed government agency in South-east Asia, it announced on Thursday evening.

The company will provide maintenance support services for integrated security solutions for one year starting from Dec 12, 2019, to Dec 11, 2020.

This is an extension of a contract that IPS had signed in 2017 with the same government agency to provide maintenance support until Dec 11, 2019, and to offer equipment replacement services. 

On Thursday, IPS said the S$3.6 million order is expected to have a material financial effect on the earnings per share and net asset value per share of the group for the financial year ended June 30, 2020.

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For illustrative purposes, assuming that the services under the new order were provided by IPS during fiscal 2019 and the S$3.6 million consideration were recognised as revenue, that amount would have represented some 39.7 per cent of the group's total revenue of S$9 million for fiscal 2019.

IPS Securex shares were trading up 0.3 Singapore cent at 4.3 Singapore cents as at 9.09am on Friday, after the announcement was made.