Pelatro PLC (AIM:PTRO) saw its shares surge over 30% higher on Friday morning following news that the company has secured a large contract for campaign management solution by a Middle Eastern telecoms company.
The customer engagement hub software specialist said it had won a contract from the same telco last year and that this new deal marks an expansion into three more countries.
The annual value of the recurring revenue from the overall contract is US$650,000.
"We are excited with this large recurring revenue contract which increases our ARR by a significant amount. As is the case with this contract, all material contracts in our pipeline are also recurring in nature," commented Pelatro managing director and CEO Subash Menon.
At 9.05 am, shares were 2p higher at 8.50p.