REG - Pennant Int. Group - Contracts Update

Pennant InternationalAnnouncement

23/10/2024 16:00

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RNS Number : 3558J  Pennant International Group PLC  23 October 2024

FOR IMMEDIATE RELEASE
 
                                       23
October 2024

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

 
 

PENNANT INTERNATIONAL GROUP PLC

("Pennant", the "Company" or the "Group")

 

Contracts Update

 

 

Pennant International Group plc (AIM:PEN), the systems support software and
training solutions company, is pleased to provide the following contracts
update.

 

UK & Europe

 

The Company notes that the UK Ministry of Defence has announced its intention
to contract with Pennant for a comprehensive technology upgrade to the RAF's
GenFly training systems. The expected contract value is stated to be £4.9
million, to be delivered over a three and a half year period, with an award
date of April 2025. The potential award is subject to contract and applicable
defence procurement processes. A further announcement will be made in due
course.

 

712275451 - GENFLY Refresh Contracts Finder Voluntary Transparency Notice -
Contracts Finder
(https://www.contractsfinder.service.gov.uk/notice/c87b6817-5776-49c4-b230-fc68fe346898?origin=SearchResults&p=1)

 

North America

 

Pennant is delighted to have secured its first sale of software under its new
subscription model for the Auxilium suite. The customer is a United States
defence contractor focusing on unmanned aerial systems.

 

In addition, an order has also been received from a Canadian defence
contractor for technical services, with a value of £400,000 over eight months
commencing this month.

 

 

 

Enquiries:

 

 

 Pennant International Group plc                                       www.pennantplc.com (http://www.pennantplc.com/)
 David Clements, Company Secretary                                     +44 (0) 1452 714 914

 Zeus (Nomad)                                                           www.zeuscapital.co.uk (http://www.zeuscapital.co.uk/)

 Mike Coe / Sarah Mather (Investment Banking)                          +44 (0) 203 829 5000 (tel:+44%20203%20829%205000)

 Cavendish Capital Markets Limited (Broker)                            www.cavendish.com (http://www.cavendish.com/)
 Ben Jeynes / Callum Davidson / George Lawson (Corporate Finance)      +44 (0) 207 220 0500
 Michael Johnson / Dale Bellis / Sunila de Silva (Sales and Corporate
 Broking)

                                                                       pennant@walbrookpr.com (mailto:pennant@walbrookpr.com)

 Walbrook PR (Financial PR)
 Tom Cooper                                                            +44 (0)20 7933 8780

 Joe Walker                                                            Mob: +44 (0)7971 221 972

 

 

 

Notes to editors:

Pennant International Group plc (AIM: PEN) is a technology driven, leading
global provider of system support software and services, technical services,
and training solutions. It supports its global customer base in the design,
development, operation, maintenance, and training of complex assets, to
maximise operational and maintenance efficiency.

Its key markets include Aerospace, Defence and Rail, and adjacent
safety-critical markets such as Shipping, Nuclear and Space.

 The Group addresses the market through three key business lines:

•       Systems support software: a suite of software tools designed
to help clients: manage and use complex data; ensure equipment availability at
optimal cost; and comply with industry standards.  Its Integrated Product
Support (IPS) and Integrated Logistics Support (ILS) software and services
equips customers with powerful market-leading toolsets to manage, model and
utilise complex equipment data.

•       Training systems: provide hardware, software and virtual
solutions, critical skills training for maintainers and operators of aircraft,
ships and land systems.

•     Technical services: support all Pennant's software and training
solutions including consultancy, support and maintenance, training and bespoke
development.

The Company's full product suite encompasses consultancy, technical
documentation, rail services, training services, and bespoke engineering
solutions.

Pennant is strategically focused on sustainable recurring revenue and
profitability growth, shifting its model towards high margin software and
services. Against a climate of rising defence budgets and the burgeoning
technological complexity of military, aviation and rail platforms, the demand
for these solutions is expected to grow substantially.

Headquartered in Cheltenham, UK, the Group operates worldwide, with offices in
Europe, North America and Indo-Pacific, serving markets with high barriers to
entry often in regulated industries.

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