Announcement
Pennant Int. Group : New Contract Awards worth in excess of ?13 million
RNS Number : 8377Z
Pennant International Group PLC
01 June 2016
1 June 2016
Pennant International Group plc: Major New Contracts worth in excess of £13 million;
Two Middle-Eastern Training Contracts secured with potential to supply significant additional support;
Pennant International Group plc, ("Pennant" or "the Group"), the AIM quoted supplier of integrated logistic support solutions, products and services, principally to the defence, rail, aerospace and naval sectors and to Government departments, is delighted to announce that its wholly owned subsidiary, Pennant Training Systems Limited, has signed a major new contract and has received confirmation of the award of another and has been instructed to commence work. The contracts are being undertaken for two Middle Eastern customers and have an aggregate value of over £13 million.
The contracts, one of which has been anticipated for some time, are both for the supply of a range of equipment, hardware and software, and maintenance support to aeronautical engineering training at training colleges in the Middle East. The equipment to be supplied includes Part Task Trainers to develop basic hand skills, mechanical and avionic systems for practicing maintenance activities and a virtual reality procedure trainer for aircraft marshalling and ground handling activities.
The contracts are expected to run through to the end of 2017. Both customers are adopting a phased approach to installation and integration, whereby incremental increases to technical capabilities and training capacity will be implemented, providing for the planned growth of both colleges, which are in turn expected to provide Pennant with additional significant contract opportunities.
Commenting on the new awards, Chris Snook, Pennant CEO, said: "These are two very significant contracts for Pennant. Not only do they further enhance our reputation as one of the industry's foremost providers of leading edge equipment, software and support to aeronautical engineering training, they also provide a huge boost to our order book through 2016-17."
Mr Snook added: "These new orders provide the Board with a good degree of confidence that revenues and earnings for the current financial year ending 31 December 2016 are likely to significantly exceed current market expectations."
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Enquiries: |
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Pennant International Group plc |
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Phil Walker, CFO |
+44 (0) 1452 714 914 |
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Chris Snook, CEO |
+44 (0) 1452 714 914 |
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WH Ireland Limited |
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Mike Coe |
+44 (0) 117 945 3470 |
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Walbrook PR |
www.walbrookpr.com
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Paul Vann / Tom Cooper |
+44 (0) 117 985 8989 Mob: 07768 807631 |
This information is provided by RNS
The company news service from the London Stock Exchange
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