Tialis Essential IT shares climb on 'major' contract expansion deal
Tialis Essential IT PLC on Tuesday reported a ‘significant’ contract expansion with an existing client valuing its new agreement at around £50 million.
Shares in the Edinburgh-based provider of IT support services surged 36% to 85.25 pence on Tuesday morning in London.
The ‘major’ follow-on framework contract will run over a five-year period, with Tialis set to deliver lifecycle services, tech bars, end user support and field engineering to support the long-standing, unnamed customer’s business.
Tialis noted that the new deal will enhance its order book and revenue visibility for the next financial year.
‘We are delighted to deepen our long-standing relationship through this major contract expansion. Repeat business from high-quality clients is the clearest endorsement of our capabilities, and this award highlights the trust placed in us to deliver mission-critical solutions,’ said Chief Operating Officer Niall O’Regan.
‘This contract will meaningfully contribute to our revenue base and supports our strategy of driving growth through long-term partnerships,’ O’Regan continued.
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