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(Sharecast News) - Modular housing company Eco Buildings Group announced on Wednesday that it has received its first confirmed order under its contract with Egeu Stone, marking a significant milestone.
The AIM-traded firm said the order would involve the construction of 26 modular apartments, each measuring 100 square metres, for a landmark development in Tirana, Albania.
It said the total value of the project was estimated at ¬3m, with revenue expected to be realised in 2025.
Eco Buildings said it would also share in the project's profit margins, enhancing its overall profitability.
The company's fully-automated factory in Albania was now operational, allowing it to fulfil the order.
It said the project would begin with wall installation, scheduled for the first week of November.
Additionally, Egeu Stone had placed a second order for a 400-square-metre showhouse at Olive Park Residences, a prestigious development near Tirana's exclusive Rolling Hills area.
"We are confident that Eco Buildings offers the highest specification, lowest cost product on the market," said chief executive officer Sanjay Bowry.
"With our fully automated factory now in production, we can provide prospective customers with both a tangible demonstration of our cutting-edge product and the assurance of reliable, scalable supply.
"We expect this to drive further orders in the near future."
Bowry said demand for Eco's modular housing solutions, both within the Balkans and internationally, continued to reinforce its confidence in the group's profitability.
"Our management team and engineering specialists in Durres remain focused not only on delivering our growing order book but also on positioning the company to capture emerging international opportunities."
At 1352 BST, shares in Eco Buildings Group were down 2.7% at 9p.
Reporting by Josh White for Sharecast.com.
