Arcontech jumps by nearly 60% after contract win

Shares in Arcontech Group jumped as much as 59% on Thursday after the software company announced a new client win.

Arcontech secured a contract with an unnamed client for at least 200 licenses for its real-time Excel add-in called Excelerator, a real-time data display and contribution solution.

Chief executive Matthew Jeffs said: "At the outset of the project we were put through an extremely comprehensive comparison exercise which lasted more than several months.

"The result of these joint endeavours is an enhanced solution that, as well as being clearly superior to competitors, has broadened our target market with an interface to Open MAMA and Solace Systems.

"I am grateful to all parties involved during this collaborative project and look forward to reporting further successes in the future."

FinnCap analysts said: "We understand that the new customer is an international investment bank which broadens the existing customer base and provides a new channel to grow the business.

"This contract is very positive news following the unexpected early termination of a previous customer, highlighted at interims."

Shares were up 58.9% to 0.22p on Thursday at 12:30.