Iconic Labs jumps as it unveils new contracts for JOE Media business

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Iconic Labs PLC (LON:ICON) shares rose on Thursday as the media and technology group unveiled several new contracts secured for its JOE Media business.


The company, which has a management services agreement with JOE Media, said the contracts concern the production and distribution of bespoke social content to clients in a number of sectors including gambling, video games and online music streaming.


READ: Iconic Labs inks management contract with Lovin’ Media


Iconic said the contracts have a value of over GBP750,000 and all commenced in the fourth quarter.


Under the management services agreement, Iconic manages all commercial aspects of JOE Media in the UK and Ireland in return for a monthly retainer fee of GBP100,000 plus external costs as well as 25% of all profits if certain revenue and profit targets are met.


Iconic shares rose 12.5% to 0.014p in late-morning trading.

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