Starcom share price soars as it clinches largest contract to date

Jessica Morris
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Starcom shares popped at the open (Source: Getty)

Shares in Starcom closed up almost 40 per cent yesterday after soaring as much as 91.1 per cent earlier after the tech company revealed its largest contract to date.

Aim-listed Israeli company Starcom announced the three-year $5.5m (£3.65m) deal to supply Helios units to Pinnacle Systems, a Nairobi, Kenya-based company which specialises in fleet management and security systems.

The Helios units are tracking devices that can be used for vehicle security, driver safety and fleet management.

Avi Hartmann, chief executive of Starcom, said: “This is our largest contract to date and we are delighted to be working with Pinnacle Systems on this major supply and support agreement."

“We are working hard to win and fulfil similar large high value contracts currently under discussion,” he added.

This will provide some relief to the company, whose shares have shed around 90 per cent since the beginning of the year, amid tougher price competition in some of its key markets.

Shares closed up 38.89 per cent at 3.12p.

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