9th Oct 2014 08:54
LONDON (Alliance News) - The Innovation Group PLC Thursday said it has been awarded a contract by a South African bank to deliver maintenance services for the country's largest fleet of government vehicles.
The five-year contract is estimated to generate GBP11 million for the company and require it to maintain over 100,000 vehicles, said Innovation, who did not name the bank it is now working with. Maintenance of the vehicles will include anything to keep the vehicles on the road, from tyre and battery replacements to engine failures and accident management.
"This new business provides Innovation Group with a significant entrance into the fleet managed maintenance market and takes the number of vehicles under administration by Innovation Group South Africa to in excess of 1.1 million vehicles," said the company in a statement.
Innovation shares were up 3.1% to 27.83 pence per share Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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