Today, shares of IDE Group known as Cupid Plc Common Stock (LON: IDE) surged 119.6% after announcing that it has won a three-year contract worth over £22.5 million.
The £22.5 million is in addition to the existing circa £5 million per annum of revenue contracted with the partner.
The company, which operates in the mid-market segment said that the contract was with an existing client and that it could be extended for up to another two years if the commitment is not met.
WELCOME BONUS - Free Share Bundle When You Invest £50!
Get up to £500 cashback for investing with IG.
IDE Group is a company that provides managed IT services having transformed its business from a dating services company to a B2B IT services provider.
The contract was awarded based on IDE’s excellent service to the partner over the years together with a commitment from IDE to reduce the cost of services across the partner’s customer base.
Andy Parker, IDE Group’s Non-Executive Chairman, said: “This contract win further enhances our existing relationship with a long-standing partner and is testament to the excellent service provided by IDE. We continue to believe that IDE is well-positioned in the market with a product offering that is well-aligned to customer requirements, and this contract is evidence thereof. The global pandemic led to many challenges, and it is in this context we are pleased to report that underlying trading has been satisfactory in the second half of 2020.”
The Company intends to publish a trading update for the year ended 31 December 2020 at the end of January.
IDE Group share price
IDE Group shares surged 119.6% to trade at 1.70p having rallied from its January 31st closing price of 0.774p.