Telematics and data specialist Trakm8 has been awarded a contract extension with grocery operator Iceland Foods, it announced on Thursday.
The AIM-traded firm said the extension would see the contract continue until 31 March 2027.
Under the extended contract, Iceland would move onto Trakm8’s ‘Insight’ platform, providing it with full optimisation and integrated camera and telematics solutions.
That would enable the supermarket chain to access Trakm8’s other integrated services, including connected care, crash notification and reconstruction, and vehicle checks.
Over the last 12 months, Trakm8 said it had developed a wide range of customer-specific enhancements aimed at improving Iceland’s operational efficiency.
“As ‘Route Monkey’, Trakm8 has been contracted with Iceland since July 2013,” said executive chairman John Watkins, referring to one of Trakm8’s previous acquisitions, with that contract extended in February 2016 and in August 2017.
“This recent contract extension reflects the hard work being done by both Iceland and Trakm8 to build a market leading home delivery solution.
“It is an important part of our current and future years’ fleet revenues and part of current market expectations.”
At 1352 BST, shares in Trakm8 Holdings were up 20% at 17.4p.
Reporting by Josh White for Sharecast.com.