Trakm8 signs deal with Bibby Distribution, shares rise

26th Jun 2015 09:04

Shares in fleet tracking firm Trakm8 rose on Friday after it revealed it has won a £1.1m contract from Bibby Distribution. Under the five-year contract, the firm will supply Bibby's fleet with its tailored management system.Trakm8 executive chairman John Watkins said the deal was a significant order for Trakm8's telematics devices, and the company has a strong pipeline of opportunities.While noting the contract strengthens Trakm8's profile, FinnCap said its forecast for the stock remained the same."Given the size of the deal, we are not changing forecasts at this stage and reiterate our 185p target price, based on a multiple of 18x current year's earnings to March 2016," FinnCap said in a note.