02/10/2006
Software distributor Formjet is to provide a range of utility software to stores giant Tesco on an exclusive basis.
As well as supplying software under the Tesco Software brand, Cambridge-based Formjet will manage the Tesco Software online facility, providing technology and customer support by designing, running and maintaining the Tesco Software web site. The new arrangement comes into operation this month and, says the company, means AIM-quoted 'Formjet's margins will be protected against competitive pricing pressures'.
Lyndon Chapman, Formjet's chief executive officer, comments 'this is one of a number of deals in the pipeline. However, it is unlikely to have a material effect on 2006 earnings'.
Floated at 7.25p two years ago, Formjet shares hit 10.1p in early 2005 before evaporating to 1.75p last February. The Tesco deal has sent them up 1.25p today to 4p, where they value the company at £3.5 million.
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