Announcement
Pennant Int. Group : New Customer Contract Award & Contract Extension
RNS Number : 3578Y
Pennant International Group PLC
21 August 2018
FOR IMMEDIATE RELEASE 21 August 2018
PENNANT INTERNATIONAL GROUP PLC
Contract Award from New Customer
&
Contract Extension
Pennant International Group plc ("Pennant" or the "Group"), the AIM quoted supplier of integrated training and support solutions, products and services which train and assist engineers in the defence and regulated civilian sectors, is pleased to announce that it has been awarded a contract by a new customer and that it has agreed a beneficial extension to an existing contract with another.
New Customer
Following a successful tender in open competition, Pennant has been awarded a long-term contract by an undisclosed new government client in the Asia-Pacific region.
The contract is for the supply of virtual training software to help air force maintenance engineers practice procedures, functionality and diagnostics in a virtual environment. Pennant will be supplying its Virtual Aircraft Training System ("VATS") (with customer-specific modifications).
The VATS product has been undergoing a significant upgrade to its user interface and 3D models in readiness for this sale and for other potential customers. The software will be supplied to the new customer later this year on a perpetual licence. Pennant will be providing ongoing support and maintenance for the software under a ten-year arrangement with the customer.
Contract Extension
Pennant's Software Services division (home to the OmegaPS software product) has received an order from an existing customer (in the maritime sector) to continue the provision of consultancy and technical documentation services until June 2021.
OmegaPS is a logistical support and analysis tool used to reduce the operating costs of major capital equipment in the defence, aerospace and transportation markets.
David Clements, Group's Commercial & Risk Director, commented:
"We are very pleased to add these two contracts to the order book. The VATS contract was awarded following a very competitive tender process and we look forward to supporting this new customer's training needs over the coming years, whilst the OmegaPS contract extension is testament to this product's market-leading capabilities. Both contracts will contribute to the Group's forward visibility of earnings over a number of years".
Enquiries:
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Pennant International Group plc |
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Philip Walker, CEO David Clements, Commercial & Risk Director |
+44 (0) 1452 714 914 |
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Walbrook PR (Financial PR) |
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Paul Vann / Tom Cooper |
+44 (0)20 7933 8780 Mob: +44 (0)7768 807631 |
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