Pennant International scores revenue increase after slew of contract wins

27th Jul 2018 08:34

(Sharecast News) - Pennant International Group on Friday reported that it remains "on track" to meet full-year expectations after winning new orders and contract extensions worth in excess of £5m.The engineer training firm said the largest of the new wins is the £3.5m increase to a contract with a major UK prime contractor for electro-mechanical trainers and computer-based training for the Ajax vehicle, increasing the contract's value to just under £12m.The company said revenue increased to £13.2m compared £9.6m for the first half of 2017 and £18.1m for the full year. Net cash at the half year stage stood at £3m and the company has no net debt.Other contract developments include a new win from the UK Ministry of Defence for an upgrade to its virtual parachute training systems worth £0.37m and additional orders from Network Rail for control room simulators worth approximately £50,000.Pennant also said it expects to receive clarity during the current quarter on the potential contract to deliver training aids to an end user in the Middle East region worth over £10m. "With a contracted three-year order book of £30m as at the end of the half year (against a 2017 year-end order book of £41m on a like-for-like basis) together with a strong pipeline of active opportunities, the board remains confident about the group's prospects for the future," the company said.Pennant shares were up 2.00% to 92.00p at 0834 BST.