IDE Group secures multi-year contract renewals

(Sharecast News) - IT managed services provider IDE Group has secured several additional multi-year customer contract renewals.
IDE told investors on Monday that the success it had reported at the time of its interim results in September in renewing significant customer contracts and in progressing new relationships had continued.

The AIM-listed group renewed one two-year deal worth over £1m per annum and a further two two-year minimum deals worth at least £1m in total.

IDE also started working on a tech bar project which was said to be worth over £1m per annum and recently added a new name customer with which it claimed to have "a good pipeline of new business".

Elsewhere, IDE revealed it had raised £1.5m through the issue of secured loan notes to its three largest shareholders - MXC Capital, Blake Holdings and funds managed by Kestrel Partners LLP.

The proceeds will be used to fully repay all outstanding finance leases and provide additional working capital.

As of 1055 GMT, IDE shares were up 2.35% at 4.35p.