25 May 2012

Coms clinches G4S Iraq deal

15/11/2011 Robert Tyerman

Internet telephony specialist Coms (COMS) has begun providing low-cost, Cloud-based telephony to security group G4S's Baghdad staff.

The loss-making London-based company, chaired by entrepreneurial key shareholder Jason Drummond, is not saying how much the contract is worth, but suggests the integration of its system is already knocking 'well over half' off the £100,000 which G4S has been spending every month on communications between Iraq and the UK and USA.

Richard Bennett, chief executive officer of AIM-quoted Coms, says the G4S installation 'illustrates the cost saving benefits provided by our hosted Cloud telephony system.' Overall, Coms's Cloud telephony business rose 55.6 per cent to £319,000 in the six months to July, out of total first-half turnover up 43 per cent to £1.4 million.

The company's interim losses rose 50 per cent to £315,000. But Drummond said new customer subscriptions and a positive market reaction to Coms's first Apple iPad app made him 'optimistic that Coms can achieve sustainable profitability in the near term.'

Floated at 2p six years ago, Coms shares have proved a disappointment so far, falling from 3.5p to 0.38p at one point over the past year. Now 0.50p, up 0.075p this morning, they value the company at a mere £420,000 and remain highly speculative.

Tags: AIM market, Cloud telephony, G4S, Jason Drummond

Sector: Software & Computer Services

Companies: Coms

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