Thinly traded microcap Iplayco Corp. (TSX-V: IPC), a designer of indoor playgrounds for children, keeps chugging along, going about its business of keeping kids active and happy without much attention from Bay Street players.
The Langley, B.C.-based company on Thursday announced millions of dollars in new sales agreements not only in the domestic North American market, but over in Europe where expansion initiatives have been put in place.
Following acquisitions of local European brands and related assets in October, Iplayco has been aiming to expand its footprint across the bloc. The company already had an overseas presence, including building the world’s biggest indoor soft-play area in Dhahran, Saudi Arabia at a stunning 25,000 square feet.
Iplayco, a company with market cap around $10 million, today reported six new orders worth approximately $3.94 million to supply large indoor playgrounds to customers in Canada, the United States, the United Kingdom, the Netherlands and Tunisia. Three of the six orders were attributed to the European expansion efforts.
Nearly $4 million in orders bodes well for the quarter following sales of $5.15 million for the first quarter of fiscal 2018 (ended 12/31/2017)
The biggest order was listed at roughly $930,000, but it wasn’t specified for which market. Iplayco president and CEO Scott Forbes only offered that he was "happy to see new customers in multiple jurisdictions acknowledging Iplayco's industry-leading product quality and installation expertise."
Work is expected to begin on all the projects by the end of June.
Shares of IPC edged ahead a penny on the news to close Thursday at 51 cents. Shares are flat in early trading Friday morning.
