Toad shares leap on BT link-up

Shares in Toad surged 28 per cent yesterday after the security and satellite tracking company announced a potentially lucrative deal with BT's retail arm.

Toad, which entered the market for vehicle tracking only six months ago, signed an agreement with BT Retail that will open the door to a stream of new customers. Its shares gained 2.75p to 12.5p.

BT Retail will recommend Toad's web-enabled telematics fleet management system, Actra, to its small and medium-sized businesses customers. The system works by allowing fleet managers to monitor the whereabouts of their vehicles, providing them with real-time and historic location and performance data.

Stephen Wheatley, Toad's chief executive, said the installation of the black telematics box, which uses mobile telephony, would bring BT more revenues while Toad would gain "very good quality customers and sales inquiries". Toad will earn revenues from sales of the Actra black boxes and from subscription charges.

Mr Wheatley described the deal, which will last for 12 months, as a "mutual agreement", adding that no money had changed hands.

Toad also provides telematics services to its existing insurance, fleet and leasing company customers.