Yeoman shares surge on back of Vodafone deal

The mobile phone navigation company, Yeoman Group, yesterday secured a deal to provide its interactive mapping services to Vodafone customers, sending its shares soaring by more than 65 per cent.

Yeoman said it will supply traffic and travel information to customers of Vodafone's Live! service. It will also send maps and a navigation system to their mobile phone screens enabling users to avoid traffic hot spots. Shares in the group closed up 65.3 per cent to close at 40.5p, giving the company a market capitalisation of £9.15m.

This is Yeoman's first major contract win for its TravelM8 technology. It has so far only provided traffic information through SMS text messaging and a dial-in voice system. The company said it was in negotiations to secure further deals with other mobile phone network providers.

Vodafone customers will be charged a fee for every piece of new information they receive from the service, which will automatically be added to their monthly bill.

Yeoman also owns the yachting navigational system, Brookes & Gatehouse and, as well as announcing its Vodafone deal, it said it was in advanced talks to sell the business. This is expected to release up to £5m in cash for the company.