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Pennant wins two new major contracts
3rd Feb 2020 11:22
(Sharecast News) - Training and support services provider Pennant International said on Monday that it had been awarded two new major contracts.
Firstly, Pennant Australasia was awarded a contract for the supply of training aids and associated services for aviation technician training for the Australian Defence Force at a new training facility in Nowra, Australia.
The contract will be Pennant's second in the region for training aids and forms part of the group's long-term strategy to generate an increasing proportion of its revenues from services. Set to be delivered over 2020 and 2021, the contract value was commercially confidential.
Elsewhere, just prior to year-end, the AIM-listed group received an order valued at roughly £1.5m for the provision of additional training aids to the Middle East.
The contract was "engineered-to-order" and the majority of revenues will be recognised in 2020. Pennant also anticipates receiving further orders from the "long-standing customer" during the year.
Chief executive Phil Walker said: "These exciting new contracts demonstrate not only the increasing diversity of our product and services portfolios but also the group's continued ability to win business internationally.
"They will also help to underpin the group's 2020 financial performance."
As of 1120 GMT, Pennant shares were down 2% at 83.30p.
Firstly, Pennant Australasia was awarded a contract for the supply of training aids and associated services for aviation technician training for the Australian Defence Force at a new training facility in Nowra, Australia.
The contract will be Pennant's second in the region for training aids and forms part of the group's long-term strategy to generate an increasing proportion of its revenues from services. Set to be delivered over 2020 and 2021, the contract value was commercially confidential.
Elsewhere, just prior to year-end, the AIM-listed group received an order valued at roughly £1.5m for the provision of additional training aids to the Middle East.
The contract was "engineered-to-order" and the majority of revenues will be recognised in 2020. Pennant also anticipates receiving further orders from the "long-standing customer" during the year.
Chief executive Phil Walker said: "These exciting new contracts demonstrate not only the increasing diversity of our product and services portfolios but also the group's continued ability to win business internationally.
"They will also help to underpin the group's 2020 financial performance."
As of 1120 GMT, Pennant shares were down 2% at 83.30p.