Elektron Technology plc

Checkit customer contract win

Elektron Technology plc (AIM: EKT, "Elektron", "Group"), the global technology group, announces a significant customer contract win for Checkit Limited ('Checkit'), its subsidiary business focused on providing real time task management and monitoring technology.

Following the successful launch of Checkit's next generation edition in 2016, and initial customer success including the creation of a relationship with Compass, the company has now secured a two year rolling contract with one of the UK's leading retail organisations.  As a result Checkit will be deployed across more than 70 locations to automate, guide and enforce compliance and management processes. This contract is initially worth over £225,000 annually in recurring revenue. Once fully installed Checkit's recurring annualised revenues will be in excess of £600,000 per annum.

Today's announcement is an important milestone for Checkit and provides further validation of the significant investment that the Group has made in the Checkit business.

Checkit continues to build its customer base among small and medium sized businesses and to develop relationships and pilots with major organisations. The Board remains confident in the overall long term growth prospects of the business.

John Wilson, Chief Executive Officer of Elektron, said:

"This is a significant development for Checkit, further confirming its value as a vital management tool for business improvement."

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Notes to Editors

Elektron conceives designs and markets innovative engineered products and services for businesses that connect, monitor and control. We have a multi skilled team of engineers, software and product line specialists based in Cambridge focused on the opportunities created by global trends in the following areas:

- Demand for ubiquitous power and data: Bulgin

- New waves of "aware" business applications: Checkit

- The effect of ageing on sight: Elektron Eye Technology

- Growth in high precision manufacture: Queensgate

- Quality testing and inspection instruments: Sheen