Australia's Swift Networks gains most about seven weeks on new contracts

Swift TV

13/04/2022 06:19

** Shares of Swift Networks Group  SW1.AX  jump as much as
27.8% to A$0.023, their biggest intraday pct gain since March 4
    ** The telecom services provider says it has entered into
new contracts with its existing customers across the commodities
and aged care sectors for its proprietary engagement,
communications, and entertainment platform  urn:newsml:reuters.com:*:nFWN2WA1PZ
    ** Says that the total contract value for these agreements
is A$3.4 mln ($2.53 mln), of which 85% is subscription revenue 
    ** Shares hit highest since March 29
    ** Nearly 2.4 mln shares exchange hands, 4 times compared to
the 30-day average volume of 595,440 shares
    ** Stock has risen 11.1%, as of last close 

($1 = 1.3437 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))