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LONDON (Alliance News) - Shares in Toople PLC more than tripled Wednesday morning as the telecom service provider signed a "major" wholesale contract with an unnamed "well-known" reseller based in the south of England.
Toople shares were trading at 0.65 pence each, up from Tuesday's closing price of 0.20p.
The contract duration is for an initial three years and is expected to deliver at least GBP3.5 million in additional revenue for the company, spread over the period.
Toople expect the revenue to be accretive after an initial six month period.
During the initial months of the contract, the unnamed wholesale partner will migrate its current telephony estate over to Toople's platform - as well as marketing Toople's broadband to existing and new customers.
Chief Executive Officer Andy Hollingworth said: "This is a great win for Toople as all the revenues relate to our next generation of telephony and superfast broadband services. As this and our other recent contract wins demonstrate, we are seeing increased interest from reseller partners and those active in the wholesale market. This is because we have a number of competitive advantages in terms of our platform, price and next generation service offerings."