Checkit inks 'significant expansion' to contract with UK client

Monitoring platform operator Checkit has secured a "significant expansion" with an existing UK-based customer.

Checkit said on Tuesday that it had inked a new contract with "an integrated energy company" that will see it provide real-time operations management capabilities to 150 additional franchises across Britain.

The AIM-listed firm stated the sites would be installed in tranches over the duration of the 32-month contract, which was worth roughly £250,000 per annum.

Checkit added that it was "hopeful" of scoring similar contracts with the customer going forward.

Chief executive Kit Kyte said: "This latest win continues to validate out 'land and expand' strategy and demonstrates continued momentum in the UK. I am delighted to continue to expand our relationship with this strategic customer and I am excited by the opportunities for further expansion globally."

As of 0915 BST, Checkit shares were up 0.45% at 24.61p.

Reporting by Iain Gilbert at Sharecast.com