Touchstar wins 'substantial' order form petrochemical distributor

8th Nov 2022 13:09

(Sharecast News) - Mobile data computing and managed service provider Touchstar has won a "substantial order" from an unnamed petrochemical distribution client, it announced on Tuesday, to upgrade to Touchstar's latest cloud-based solution.

The AIM-traded firm said the contract award was worth over £1.5m in the first 12 months, with subsequent years benefitting from recurring revenue under a multi-year licensing and support agreement.

Following the award, the company's order book stood at £2.3m - a "significant increase" on the £1m it reported in its interim results on 15 September.

"This contract award and order book level reinforces our expectations for 2022 and 2023, and that the uptick in activity we have seen in the petrochemical distribution sector will continue and develop into further order intake," the board said in its statement.

At 1215 GMT, shares in Touchstar were up 3% at 77.25p.

Reporting by Josh White for Sharecast.com.