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WideCells wins first Iconic Labs contract with UK financial services brand

Revenues in the first year are expected to exceed £1mln and the contract offers the potential for “material increases”

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WideCells is very close to completing its transformation to Iconic Labs PLC

WideCells Group PLC (LON:WDC) has won the first contract for its new Iconic Labs business and said it was “very close” to completing its restructuring.

The AIM-listed group, which in March completed a dramatic pivot from stem cell research to online marketing and social media content provision, has immediately begun work for a UK-based financial services business on a long-term retainer basis.

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Initial revenues in the first year are expected to exceed £1mln and the contract, currently agreed in principle, offers the potential for “material increases”.

Executive chairman David Sefton, the oil industry veteran who took charge in February and around a month later hired two ex-UNILAD bosses as part of the strategic swerve, hailed the fast work of the Iconic Labs team.

“Not only is the project an interesting one, which will enable the team to fully utilise their skills and experience to transform the customer acquisition and interaction for the client, but from a company perspective, an engagement worth in excess of £1mln will bring financial stability. The importance of this cannot be underestimated.”

He also said the completion of the restructuring “is now very close” and will be followed by an official proposal to change the company’s name to Iconic Labs PLC.

“I know that time and costs of dealing with the significant (and sometimes hidden) liability issues has been trying but we are nearly there, and with the support of our investors, can clearly look forward to an exciting future for the company,” Sefton added.

Chief executive John Quinlan, whose UNILAD site had a reach of more than 500mln people a month on various social media sites, said: "With just a soft launch we have already made inroads into our market and have received extremely positive feedback on our plans and offering.  We understand the space and are well placed to exploit insights, network and proprietary technology to provide online marketing and create unique content for brands.”

WideCells shares were up more than 10% to 0.42p in early trading on Monday.

 

Quick facts: Iconic Labs PLC

Price: 0.09 GBX

LSE:ICON
Market: LSE
Market Cap: £1.26 m
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