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Shares boosted as Pennant International adds £3.5m to contract value
Engineer training and support solutions provider Pennant International Group saw its share boosted 15% on Tuesday after adding £3.5m to the value of an existing contract.
The contract with a major UK prime contractor for electro-mechanical trainers and courseware was delayed in September due to a rescoping of contract requirements, with work recommencing on the contract on 19 March.
The overall contract is just under £12m, with £8m of revenue to be recognised over 2018, 2019 and 2020.
David Clements, commercial and risk director for Pennant International, said: "We are delighted to have concluded this important amendment to this key contract and look forward to supporting our customer in delivering world-class training aids to the UK Armed Forces."
Furthermore, the company has received a statement of intent from a major customer concerning an opportunity to supply training aids to the Middle East which is anticipated to have a value of approximately £10m.
Pennant is "optimistic" regarding a potential contract and expects to have further information concerning the opportunity by the end of June.
As of 0952 GMT, Pennant International Group's shares were up 15.29% at 95.11p.