(Alliance News) - Pennant International Group PLC announced on Friday that it is "confident" a contract in the region of GBP9 million will be secured with the UK Ministry of Defence.
Shares were up 13% at 33.20 pence on Friday in London following the announcement.
Pennant was originally "down-selected" for the major UK defence programme in August 2018, but the opportunity has since been subject to negotiations between Pennant, Pennant's unnamed customer and the Ministry of Defence.
The Gloucestershire-based provider of training technology and product support solutions said that their scope would not be as "substantial" as originally contemplated but is "increasingly confident" the contract will be secured.
Chief Executive Phil Walker commented: "Given the length of time since the initial down-selection, our budgeting for the next three years had not assumed award of the full scope, and a contract worth in the region of GBP9 million, if awarded, will be a material win for us and substantially underpin our financial expectations for next year."
By Heather Rydings; heatherrydings@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Pennant International (PEN)