Coms unveils further contract wins

13th Mar 2014 08:38

AIM-listed Coms on Thursday announced further contract wins, which it said would assist with the development of plans for increased market share in numerous sectors.It also said the wins meant it was exceeding revenue targets. One of the most significant deals was a "lucrative" contract for a prominent mobile phone supplier in India, to which it will supply an initial 4,000 SIM cards, which will increase to a total of 35,000 SIM cards during the first year. In the second year, an additional 70,000 SIM cards will be delivered and the base is expected to grow to a total of 150,000 by the end of the third year. The agreement will generate the company revenue of £0.7m in the first year, £1.4m in the second, and £3.0m in the third. Coms also landed a project with a leading law firm via its subsidiary, Redstone, which was awarded a further £235k in revenue for project work and support services. "The additional revenue is significant for Redstone as it combines multiple areas of Redstone's service offering," the firm said. Coms Chief Executive, Dave Breith, added: "These are just two of our contract wins since our last update. Naturally, we are delighted with the scale, depth and diversity of these. Our business is developing and growing every day. These opportunities give everyone within the business added confidence and our optimism grows daily."The share price rose 2.69% to 8.01p by 08:44 Thursday.NR