Iconic Labs (LON:ICON ) unveiled to investors that it has successfully completed a contract to produce research, data and insights for an unnamed multinational consumer goods company.
The media business said the new contract represents an innovative type of consultation service for the company that it will look to offer to a range of new clients going forward.
Separately, Iconic is working under the management services agreement with JOE Media and is managing production and distribution of bespoke social content through its UK business. As previously reported, the overall contract value is expected to be in excess of £150,000.
The Company has also made substantial early progress in re-focusing JOE Media's UK operations as well as increasing the sales pipeline for the third and fourth quarters.
Shares in Iconic Labs were trading 16.22% higher at 0.0092p following the news.
The contract will also extend to JOE Media's Irish operations following the expected completion of the acquisition of the JOE media business in Ireland by Greencastle Capital.
Iconic said the acquisition is now due to occur ‘in the very near future.’
The completed acquisition means that JOE media, which generates in excess of £10m of revenue per year, has now been taken out of administration by Greencastle Capital.
Under the contract, Iconic Labs will be paid a monthly management fee of £50,000 plus external costs and receive 25% of all profits if certain revenue and profit targets are met.
The combined JOE Media businesses generated in excess of £10m of revenue in FY 2019. The UK business grew annual revenue at a rate of 117.7% between 2016 and 2019.
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