13th Mar 2014 12:08
LONDON (Alliance News) - Cloud-based telephony company Coms PLC Thursday said it is exceeding its revenue targets as it announced two further contract wins.
Its mobile unit, recently bolstered by the addition of Smarter Mobile UK Ltd, has won a contract with a mobile phone supplier in India to deliver a total of 150,000 SIM cards over three years. The contract is expected to deliver revenue of GBP700,000 in the first year, GBP1.4 million in the second and GBP3 million in the third.
Coms announced the acquisition of mobile phone services company Smarter Mobile UK Ltd Monday in a deal worth GBP225,000.
Coms' Redstone subsidiary also won a further GBP235,000 contract with a law firm.
The company has announced a string of new contract wins so far in its new financial year. In late February it said it had won new deals worth GBP1.73 million, while in early February it had announced contract wins worth GBP715,000.
Back in January, it had said it expected its revenues for the last financial year, which ended January 31, to be "significantly" ahead of management expectations thanks to organic and acquisition-driven growth.
Shares in Coms last traded flat at 7.80 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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