AssetCo secures three-year Foreign Office contract

ASSETCO, the Aim-listed support services company, yesterday secured a 2.8 million contract with the Foreign and Commonwealth Office (FCO).

Under the three-year contract, AssetCo will install 230 mailroom and 30 conveyor belt scanners at British embassies and consulates in 144 countries. AssetCo will also train staff.

Richard Pearce, managing director of AssetCo Detection & Security, said: "This is a significant endorsement of our leading position in the supply of security scanners and, in particular, the value adding integrated support service solutions that come with our products."

AssetCo, which has a market cap of about 50m, is the UK's largest supplier of fire engines and ambulances.

The group, which has bases in Cambridge and Leeds, also supplies police cars.

The firm's clients include the London Fire Brigade and the Lincolnshire Fire and Rescue Service.

Contracts abroad have included work with the Malaysian Fire and Rescue Department and the Mumbai Fire Service, in India.

Last week, AssetCo posted a 25 per cent increased in pre-tax profit to 11.3m in the year to 31 March. Turnover from continuing operations grew by 23 per cent to 79.7m.