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(Alliance News) - Gresham Technologies PLC on Friday said a major contract extension from its largest customer has boosted the company's confidence in meeting its full-year expectations.
Shares in the company were trading up 3.2% at 172.90 pence each in London on Friday morning.
London-based Gresham Technologies is a software company specialising in real-time transaction control and enterprise data.
Australia & New Zealand Banking Group Ltd has agreed to renew its contracts and increase its spending on Gresham software and services, the company said.
The executed contracts total AUD21 million - or around GBP11.1 million - to cover the year from October 1 to September 30, 2022.
The company said the renewed ANZ contracts are set to boost revenue for its Clareti platform by 35% to AUD14 million. Clareti provides businesses with connectivity, data migration and integration services.
Meanwhile, Gresham now expects non-Clareti revenue for the new contract year to exceed its AUD16 million forecast.
Over the ANZ contract year, the company foresees an additional AUD30 million in revenue.
"These signed agreements, combined with existing agreements, provide contractual certainty over the renewal of all existing Clareti and non-Clareti licences, as well as securing new incremental revenues from recurring software, recurring managed services, consulting services and contracting services," Gresham Technologies noted.
"These contracted account revenues provide significantly increased confidence over the group's planned revenues and earnings in 2021, and an important contribution to 2022," Gresham added.
Previous guidance placed the company's full-year performance for 2020 in line with market expectations.
Gresham's interim revenue jumped 19% to GBP14.5 million in the six months ended June 30, from GBP12.2 million a year earlier. The company said this rise was driven by 13 new or incremental Clareti licence agreements, including three with new banks and one with a global professional services firms.
By Scarlett Butler; scarlettbutler@alliancenews.com
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