Toople (LON: TOOP ) has secured two new contract wins in the retail and charity sectors where it continues to build more business, and a major extension to its Boparan Restaurant Group ("BRG") contract.
Contract Wins
The first of the two new contract wins comes from an unnamed independent furnishing company based in Lincolnshire with a large online presence and five large retail outlets.
Toople will provide new IP cloud-based services; a number of mobile contracts; and an upgrade of the client's broadband to Superfast Enhanced with a 4G Assure backup service.
The unnamed client, who has signed a contract with Toople for a minimum of 36 months, sought a broadband upgrade after its existing broadband facility had become unstable.
Toople said it was able to improve cost savings for the client as well as an improved and enhanced service, with disaster recovery and back-up in place, ensuring the client receives perfect, undistorted CCTV footage from all its cameras and seamless telecoms services.
Similarly, DMSL has won a new contract to supply several services to leading charity, Age UK. With the effects of the ongoing pandemic taking a particular toll on old people, Age UK offers invaluable support with expert information, advice, and friendship, Toople noted.
Commenting on the new contract wins and extension, Andy Hollingworth, Chief Executive, said: “Our contracted services for these two clients include broadband, telephony and mobile Wi-Fi, plus high-speed broadband and Wi-Fi services. Toople will also replace standard broadband with superfast fibre-optic broadband in each location, where available.”
Toople will be responsible for rolling out cloud telephony, as well disaster 4G backup recovery systems, in these new locations, ensuring that its clients continue to have “exceptional” connectivity and full access to their business critical systems in the event of outage.
Contract Extension
The telecom service provider said the extension is from BRG, which recently acquired iconic restaurant brand Gourmet Burger Kitchen ("GBK").
As part of the contract extension, Toople plans to roll-out secure data connections, local internet breakout and telephony to all the acquired GBK restaurants based in the UK.
The contract is also a win for DMSL, who provide telecoms services to several businesses across multiple disciplines within the Boparan Restaurant Group, including Carluccio's.
Hollingworth added, “We are speaking to many businesses and NGOs regarding our bespoke solutions . and the new business pipeline remains strong.”
Shares in Toople have increased by over 40% since the beginning of September 2020 to open 11.11% higher this morning at 0.12p following the announcement.
Reasons to Follow Toople
The company completed its “transformational” acquisition of DMS Holdings (DMSL), a firm which provides unified communication services in the UK, back in February 2020. Toople believes DMSL will accelerate its own positive cash generation and drive profitability.
The macro drivers for TOOPLE indicate structural growth opportunities across the SME Telecom markets. The group’s contract wins, and renewals point towards several compelling value propositions from the Company across broadband, mobile, and fixed line services.
Toople’s balance sheet will provide management greater flexibility to target additional organic growth opportunities across their target markets, which should lead for a positive outturn for FY20 and accelerate the Company’s path to profitability and positive cash flow in FY21.
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