Sorted Group shares surge as Marks & Spencer contract renewed
Sorted Group Holdings PLC shares jumped on Thursday as it secured a renewal of its contract with London-based retailer Marks & Spencer Group PLC.
The Manchester-based delivery platform operator said the new contract will run until September 22, 2028. It is based on a continuation of the commercial terms of the existing agreement, Sorted added.
In response, shares in Sorted jumped 16% to 22.00 pence in London on Thursday afternoon. Despite this, the stock remains down 70% over the past 12 months.
The firm has been in partnership with M&S since 2021. The retailer uses Sorted’s carrier management software to ‘integrate its carrier services across multiple distribution centres into one platform’.
M&S also uses Sorted software to monitor performance across in-flight shipments.
‘M&S has a long-standing reputation for outstanding customer experience. We are pleased to have supported their ever-growing online ambitions for many years now and... this renewal... further strengthens our partnership and represents the largest for Sorted to date,’ said Executive Chair Simon Wilkinson.
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