Reseller Coms' share price recovery has been further boosted by a "strategically significant" contract win it claims underscores its pedigree in the smart building space.
After falling to as low as 45 pence last summer, Coms' share price has this morning spiked to over £1.80 following news that its Redstone operating division has landed a deal with wireless vendor CommScope.
Its fortunes on AIM were already on the up following an upbeat trading update last week.
Although worth just £750,000, the deal to design and install an in-building cellular system for the HQ of a client in the city of London is "strategically significant", Coms said.
Coms claimed Redstone is the first smart building technology integrator to win an in-building cellular contract of this scale in the UK. It also represents the first sale of CommScope's ION-E technology in the UK, it added.
Coms' share price reached as high as £11 in February 2014 before the wheels fell off its ambitious M&A strategy. After offloading its comms reseller activities, the firm is now focusing all its efforts on its core Redstone operating division, which it bills as a smart building specialist.
Coms CEO Mark Braund said in-building mobile coverage is becoming more important as BYOD becomes the norm in working environments.
"Steel, concrete and infrastructure limits signal strength, often to zero, creating strong demand for increasingly sophisticated solutions to overcome this. In-building cellular systems are the answer," he said.
"By investing in skills and talent in late 2015, Redstone has quickly become first to market in the enterprise-scale smart building space with these solutions. We expect this market to grow rapidly in importance, providing Redstone with increased demand and helping us further extend our leadership position in providing smart building solutions."
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