Incadea, a provider of software solutions and services to the automotive dealership industry, has reported continued strong progress since its admission to AIM in May, with its enhanced profile bringing in new business.
The company's China division has won a major contract from a new Chinese OEM (original equipment manufacturer) customer for its next-generation DMS, incadea.myengine. The OEM is building a dealer network over the next two years and the initial contract is for the roll-out to 80 dealers by the middle of 2013 with "significant growth potential" for 2013 and 2014.
The firm also implemented a contract from German car maker Volkswagen, won at the end of 2011, for the roll-out of its dealer management system, incadea.engine, to 1,200 users.
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The Indian division has taken over the relationship with another German car firm, BMW, in India from its former partner and is now directly providing dealer support and the roll-out of incadea.engine to the BMW and Mini network. The company has also won a project, scheduled to start towards the end of 2012, for incadea.CVRM, the customer and vehicle relationship management solution.
Incadea Russia is now officially a wholly-owned subsidiary of the company and continues to make a significant contribution to its financial performance.
Werner Leinauer, Chief Executive Officer of incadea, said: "The growth we have achieved in the first half of 2012 demonstrates that incadea is taking advantage of a major opportunity in the automotive retail market. Following our successful IPO [flotation], we are delivering what we promised our new shareholders, and are excited and confident about the future."
The share price rose 3.23% to 80p by 09:27.
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