Trakm8 wins 'significant' hardware contract

20th Mar 2014 14:08

Shares in telematics company Trakm8 accelerated on news its recently acquired BOX subsidiary had won a 'significant' contract with a UK wireless security and safety provider.BOX has been awarded a £0.68m hardware order for remote wireless fire-monitoring units, which will be recognised in its new financial year beginning in April, as part of a recently signed agreement that is expected to lead to more than £1m of yearly revenues.Executive Chairman John Watkins said: "One of the key elements in the growth strategy for BOX telematics, which we acquired last year, is to utilize fully its manufacturing capabilities; this order is evidence of this in practice. The scale of this order also underpins our financial expectations for the coming year."House broker FinnCap held its forecasts steady, but shares in TRAK were up 7.5% to 57.5p at 14:00 on Thursday.OH