Iconic Labs PLC (LSE:ICON) rose on Wednesday as the firm announced that in the course of providing its services through the management services agreement with JOE Media, it has secured a new contract for JOE Media, for the production and distribution of bespoke social content.
The multidivisional new media and technology company said that revenues from this new contract are in excess of £150,000 and it is scheduled to commence in the third quarter and conclude in the fourth quarter of this year.
Under the management services agreement, Iconic Labs now manages all commercial aspects of the JOE media and House of Rugby businesses in the UK, including managing the existing JOE media team and general day to day management of the business.
Going forward, the contract will also extend to JOE Media's Irish operations following the expected completion of the acquisition of the JOE media business in Ireland by Greencastle Capital.
In consideration, Iconic receives a monthly retainer fee of £50,000 plus external costs and shall receive 25% of all profits if certain revenue and profit targets are met.
The combined JOE Media businesses generated in excess of £10m of revenue in full-year 2019 with the UK business having grown annual revenue at an annual rate of 117.7% between 2016 and 2019.
In early trade on Wednesday, shares in Iconic Labs were up 9.8% at 0.01125p.