Iconic Labs (LSE:ICON) has announced a new contract with JOE Media which is scheduled to commence in Q3 and conclude in Q4 of this year, with revenues of more than £150,000.
The media and technology business secured the new contract in the course of providing its services through a previous agreement with JOE Media which was announced last month.
Under the new management services agreement, Iconic Labs will manage all commercial aspects of the JOE media and House of Rugby businesses in the UK, including managing the existing JOE media team and general day to day management of the business.
Shares in Iconic Labs were trading 17.07% higher at 0.012p on Wednesday morning.
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.
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 an annual rate of 117.7% between 2016 and 2019.
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