Pennant International Group PLC New £3.4m Contract Award and Qatar Update (8050R)
31 Octubre 2019 - 4:48AM
UK Regulatory
TIDMPEN
RNS Number : 8050R
Pennant International Group PLC
31 October 2019
FOR IMMEDIATE RELEASE 31 October 2019
PENNANT INTERNATIONAL GROUP PLC
New GBP3.4 Million Contract Award and Qatar Update
Pennant International Group plc ("Pennant", the "Group", or the
"Company"), the AIM quoted supplier of integrated training and
support solutions, products and services which train and assist
operators and maintainers in the defence and regulated civilian
sectors, is pleased to announce the following contracts update.
New Contract Award
Pennant has been awarded a major new contract by a UK OEM valued
at circa GBP3.4 million for the design and build of a helicopter
maintenance training aid which will comprise a full-size
representation of the relevant airframe to enable UK military
training on 'anti-surface' weapons systems.
The contract is an engineered-to-order programme, whereby
revenue will be recognised on a 'percentage of cost completed'
basis, as the programme runs across 2020 and 2021, with final
acceptance due in Q4 2021.
Qatar Progress
As previously announced, the Group had budgeted to realise key
revenue streams in the second half of 2019 upon acceptance of
training aids for the Qatar programme.
Pennant is now pleased to report that all four IAMT devices for
Qatar have achieved acceptance, enabling the revenues and profits
associated with those training aids to be recognised in the current
year.
Two further products are on schedule for acceptance testing in
December 2019.
Phil Walker, Group CEO, commented: "After a challenging period,
it is great to see the hard work of Pennant's staff pay off, with
products being successfully completed on schedule and on budget for
the Qatar programme, plus the conversion of one of a number of key
opportunities in our substantial single-source pipeline into a
valuable contract award."
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) ("MAR") prior to its release as part
of this announcement and is disclosed in accordance with the
Company's obligations under Article 17 of MAR.
Enquiries:
Pennant International Group plc www.pennantplc.co.uk
Philip Walker, CEO
David Clements, Commercial & Risk
Director +44 (0) 1452 714 914
WH Ireland Limited (Nomad and www.whirelandcb.com
Broker)
Mike Coe
Chris Savidge +44 (0) 117 945 3470
Walbrook PR (Financial PR) paul.vann@walbrookpr.com
Paul Vann +44 (0)20 7933 8780
Tom Cooper Mob: +44 (0)7768 807631
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END
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