New £150,000 contract through management agreement

RNS Number : 1418V

Iconic Labs PLC

05 August 2020

 

5th August 2020

Iconic Labs Plc ("Iconic Labs" or the "Company") announces new contract for JOE Media with revenues of more than £150,000

Iconic Labs Plc (LSE:ICON), a multidivisional new media and technology business, today announces that in the course of providing its services through the management services agreement with JOE Media, it has secured a new contract for JOE Media, for the production and distribution of bespoke social content.  Revenues from this new contract are in excess of £150,000 and is scheduled to commence in Q3 and conclude in Q4 of this year.

Under the management services agreement, the Company now manages all commercial aspects of the JOE media and House of Rugby businesses in the UK, including managing the existing JOE media team and general day to day management of the business. Going forward, the contract will also extend to JOE Media's Irish operations following the expected completion of the acquisition of the JOE media business in  Ireland by Greencastle Capital. In consideration, Iconic receives a monthly retainer fee of £50,000 plus external costs and shall receive 25% of all profits if certain revenue and profit targets are met.

The combined JOE Media businesses generated in excess of £10m of revenue in FY 2019 with the UK business having grown annual revenue at an annual rate of 117.7% between 2016 and 2019. 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014.  Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

**ENDS**

For further information, please visit the Company's website www.iconiclabs.co.uk or contact:

Damon Heath

Shard Capital Partners LLP

Tel: [phone]

                                          Iconic Labs     [e-mail] 

 

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