Pennant shares soar with Boeing contract for Apache fleet

(Alliance News) - Pennant International Group PLC said on Friday it has been named as a key supplier by Boeing Defence United Kingdom Ltd.

The Cheltenham, England-based training technology and product support provider is finalising a long-term deal with Boeing to service the UK's new Apache helicopter fleet. Pennant will deliver several new and upgraded part-task trainers compatible with the fleet. The award is expected "imminently".

Pennant's share price rose by 23% to 39.90 pence in London on Friday.

The good news for Pennant comes a day after it warned a software and services contract with a new, unnamed customer in the commercial aviation sector was "slightly delayed". The company had said the contract in question will be worth USD1.1 million in the first year, and USD1.8 million overall.

By Elizabeth Winter; elizabethwinter@alliancenews.com

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