Shares in Smartgroup Corporation Limited (ASX:SIQ)
lifted yesterday after announcing the renewal of contract with the Department of Defence.
The provider of salary packaging and fleet management services has advised the term of the agreement runs until June 30, 2021.
Smartgroup says the Department of Defence is a large existing client for whom the company has provided salary packaging services since 1999.
While the financial details of the deal have not been disclosed shares in Smartgroup lifted 17.78 per cent to close at $2.12 following the announcement.
Smartgroup Corporation reported a net loss of $959,000 in the 2014 calendar year.