Shares of Innovation Group plc (TIG.L) increased around 3 percent in the morning trading in London after the provider of business process services and software solutions announced Thursday that it has been contracted by a South African bank to deliver managed maintenance services for South Africa's largest fleet of government vehicles. The contract has a 5 year term and is estimated to generate R200m revenue or 11 million pounds. Under the deal, the company will manage all maintenance on more than 100,000 vehicles.
The company said it will implement managed maintenance claim services via the use of its contact centre and systems. Maintenance claims on these vehicles include all services to keep the vehicles on the road, from tyre and battery replacements to engine failures and accident management. Andy Roberts, Chief Executive Officer, said, "We are delighted by this expansion of our South African business. Entry into managed maintenance services in South Africa deepens our penetration into the automotive market and serves as yet another example of Innovation Group's industry leadership and global scale."
In London, Innovation shares were gaining 0.83 pence or 3.06 percent, and trading at 27.83 pence.
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