IN BRIEF: Pennant International secures Training Systems contract

Pennant International Group PLC - Cheltenham, England-based provider of systems support, technical services and training with focus on defence sector - Inks a contract with a new, unnamed customer, that is initially valued at GBP1.0 million. Says the contract win is within its Training Systems divisions, and is for the supply of a virtual training simulator developed specifically for a UK manufacturer of air defence applications. Explains that the initial order covers design, development and testing of the simulator, adding that it is subject to the provision of a bank guarantee which is being finalised. Upon succesful delivery of this phase, Pennant expects further series production orders through to 2027. Adds that the contract boosts its order book, noting over GBP11 million of new orders have been secured within the Training Systems division since the company's interims back in September. Says delivery of the initial contract is expected in the second half of this year.

"This latest Training Systems contract is the culmination of 12 months of partnership with our new customer, representing a UK company collaboration to combine world leading air defence systems with market leading synthetic training systems," says Chief Executive Phil Walker.

Current stock price: 20.44 pence, up 14% on Monday afternoon in London

12-month change: down 34%

By Christopher Ward, Alliance News reporter

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