13 Mar 2014 08:00
13 March 2014
Coms plc
("Coms" or the "Company")
Global contract win strengthens Coms' growth
Coms plc (AIM: COMS) is delighted to announce further contract wins which will assist with the development of the Company's desire for increased market share in numerous market sectors and it is exceeding revenue targets. The latest, most significant wins, consist of:
· Further to the Smarter Mobile UK acquisition, Coms Mobile is pleased to report the agreement for a lucrative contract for a prominent mobile phone supplier in India. An initial 4,000 SIM cards will be delivered to our customer, which will grow to a total of 35,000 SIM cards during the first year. In year two, an additional 70,000 SIM cards will be delivered and the base is expected to grow to a total of 150,000 by the end of the third year. These SIM cards are designed for subscribers travelling outside India, to enable them to call effectively and cheaply. As a result of this agreement, the revenue the Company will achieve is £700,000 in year one, £1.4 million in year two and £3 million in year three. Importantly our service use will expand in a fast growing market, our product is now global and ensures we can enlist new subscribers throughout the course of this period.
· A project with a leading law firm has seen Coms subsidiary Redstone awarded a further £235k in revenue for project work and support services. The additional revenue is significant for Redstone as it combines multiple areas of Redstone's service offering. The project calls upon Redstone's expertise in structured cabling, smart building technologies and support services.
Dave Breith, CEO for Coms plc commented: "These are just two of our contract wins since our last update. Naturally, we are delighted with the scale, depth and diversity of these. Our business is developing and growing every day. These opportunities give everyone within the business added confidence and our optimism grows daily."
For further information, please contact:
Coms plc +44 (0) 207 148 3000
David Breith (CEO)
Iain Ross (Chairman)
Charles Stanley Securities +44 (0)207 149 6000
(Nominated Adviser and Joint Broker)
Karri Vuori/Philip Davies
Newgate Threadneedle +44 (0) 207 653 9858
(PR)
Robyn McConnachie
Notes to Editors
About Coms
Established in 2005, Coms is an end-to-end provider of telecommunications and IT services to business and industry. From hosted VoIP telephony to smart buildings to broadband to business infrastructure, Coms offers an unrivalled service built on innovation, passion and dedication. Unlike most VoIP providers, Coms does not rely on third party providers and we own and operate a UK based Carrier Class telephony platform. For more information, please visit www.coms.com.