19th Feb 2020 09:07
(Alliance News) - Pennant International Group PLC said Wednesday it has received a statement of intent for a new contract from an unnamed customer in the Middle East.
Pennant - which supplies training and support services - said the contract is for a suite of generic training aids, and is expected to be worth up to GBP5 million.
The statement of intent does not guarantee that the contract will be awarded to Pennant, however the group is optimistic, and expects a contract award to take place in the first half of 2020.
The majority of revenue from the contract would be recognised on product acceptance, with GBP3 million set to be recognised in the second half of 2020 depending on the timing and composition of the eventual contract.
Shares in Pennant - which is based in Cheltenham, UK - were up 6.4% at 76.05 pence on Wednesday in London.
By Dayo Laniyan; [email protected]
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