Pinnacle Telecom wins £500,000 a year internet phone contract

PINNACLE Telecom yesterday rang up a deal that would net the company £500,000 a year.

The Aim-listed group has won a contract to provide a voice over internet protocol (VoIP) telephony service for short-term events to an unnamed UK television broadcaster.

The deal will be a major boost for the loss-making firm's turnover, which hit 3.2 million last year.

Former Thus and Cable & Wireless executive Bill Allan took over as the non-executive chair of Pinnacle in March.

Alan Bonner, the firm's chief executive, said: "Pinnacle continues to evolve its business from traditional telephony into the next generation of VoIP telephony and associated services.

"This contract win further emphasises Pinnacle's ability to provide VoIP telephony to remote and short-term events."

The Edinburgh-based firm – which has a market cap of about 6m – also announced that it had appointed Rivington Street Corporate Finance as its broker with immediate effect, replacing Manchester-based Zeus Capital.

The firm's shares closed up almost 9 per cent at 0.36p.