Tialis Essential IT (AIM: TIA), the IT managed services provider, has been awarded a new five-year contract worth approximately £7.6 million with a major customer in the utilities sector, starting this month.
The company will provide end-user services supporting the customer's operational and strategic requirements, work it says strengthens its position in the utilities market.
Alongside the new win, Tialis has secured a 12-month extension to an existing public-sector contract generating approximately £1.2 million of annual recurring revenue, running from 1 October with an option for a further extension of up to six months.
Peter Hallett, interim non-executive chairman, said the £7.6 million contract "demonstrates the strength of our service proposition and further develops our position within the Utilities sector," adding that together with the extension, the agreements "strengthen our contracted revenue base and provide increased visibility over future revenues."
The board said revenue from both contracts will be recognised over their respective terms, and that it continues to see "encouraging opportunities" across its target markets as it works to convert them into further contracted business.