Pennant bolsters 'excellent reputation' with fresh $10.2m Qatari contract

2nd Oct 2018 16:01

(Sharecast News) - Training and support specialists Pennant International saw its shares beef up on Tuesday after the company won a $10.2m contract for the supply and installation of a selection of training aids to Qatar.The customer has ordered a number of software and hardware based training aids from Pennant's existing range as well as new products which the company has been investing in to enhance its offering.Philip Walker, chief executive of Pennant, said: "This is a strategically important contract award for Pennant which underlines our excellent reputation in the Middle East and increases our contracted order book to over £40m. We look forward to working with our customer to deliver the contract so that the end users can receive the world class training aids they deserve."Pennant is specifically geared towards products and services which train and assist engineers in the defence and regulated civilian sectors, and is supplying training aids for the maintenance of mechanical and avionics systems and aircraft marshalling and ground handling activities for the Qatari customer.The contract, which takes effect immediately, is expected to last through to the 2020 financial year with the majority of revenues expected to be recognised in 2019.Pennant's shares were up 12.50% at 153.00p at 1625 BST.