Trakm8 secures contract extension with Direct Line Group

Shares in Trakm8 Holdings advanced more than 7% as investors cheered a contract extension with motor vehicle insurer Direct Line Group.

The contract extension covered the provision of T10 hardware and data services supplied to Direct Line that was first announced by Trakm8 in January 2014.

"The new extension will extend the contract until April 2020," the company said.

Trakm8 had more than 110,000 devices reporting in insurance applications built from a zero base three years ago, and Direct Line was a significant part of this.

At 10:52 BST, shares in AIM-traded Trakm8 were up 7.27% to 88.5p each.