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Pennant International shares up as wins multiple new contracts

13th Jun 2023 10:44

(Alliance News) - Pennant International Group PLC shares jumped on Tuesday, after it said it has won new contracts and contract expansions with four unnamed customers.

Pennant is a Cheltenham, England-headquartered company, which provides training technologies and product support for the defence, aerospace and other industries. Its shares were up 7.4% to 37.79 pence each in London on Tuesday morning.

The company said it has won an Australian defence programme to supply software solutions and technical services worth AUD5.2 million, about GBP2.8 million, over five years. It said that this order is "particularly significant", as it represents the first sale of Pennant's new GenS software, which will be fully launched to market in early 2024.

"GenS is the successor product to OmegaPS and is the next generation of Integrated Product Support software - a Windows application, hosted on premise or via the cloud, deployable on laptops or tablets, and which enables the seamless management of equipment data across complex programmes," the company explained.

Also in Australia, Pennant inked an upgrade on an existing contract to provide specialist facilities and services worth AUD1.2 million over five years.

Away from Australia, the company said it has won a GBP250,000 perpetual software licence to a European defence department.

It has also won a contract for technical railway mapping services in the UK, worth around GBP130,000 this year.

Chief Executive Phil Walker said: "These new contract wins demonstrate that recent momentum has been maintained in building our new business model. It is especially pleasing to secure the first sale of the new GenS solution."

By Sophie Rose, Alliance News reporter

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