4Global shares jump on new £4m Middle East contract

Sports data, services and software company 4Global has been awarded a £4m project over five years with a “major” sporting infrastructure project for a city in the Middle East, it announced on Monday.

The AIM-traded firm said £0.6m of the project was expected to be delivered and recognised in the current financial year, with the project including an opportunity for additional scope throughout the engagement.

It said it was awarded the “prestigious” project to work alongside a “major global consultancy” and construction firm to help inform the design and build of critical sporting infrastructure that would be used to host and attract major sporting events, as well as to “promote more active and healthy lifestyles” in the region.

Key to its role would be the application of its “extensive” knowledge on major events, active places and active people, as well as its data and technology to inform critical decisions and to drive the sustainability of the new infrastructure.

The project would enable 4Global to further strengthen its strategic global partnership, which it said was generating “significant” sales pipeline opportunities in the region.

“This is a significant contract win for the company, representing one of the largest initial wins in our history and providing valuable foundations to our plans over the next few years,” said chief executive officer Eloy Mazon.

“We are delighted that we have been trusted to deliver on this project using our data, technology and knowhow for this sporting infrastructure project taking place in a city in the Middle East, which we see as a great opportunity to build relationships and work in the region post project.”

Mazon said the project gave the firm an opportunity to continue its expansion in the Middle East market through strategic partnerships, described as “key” to its growth in the region.

“The international demand for our products and to partner with us in projects is allowing us to accelerate our expansion into other international markets which is a key pillar of growth under our strategy.”

At 1528 GMT, shares in 4Global were up 19.13% at 68.5p.

Reporting by Josh White for Sharecast.com.