Pennant International Group PLC £2 million Contract Extension from Lockheed Martin (0058E)
May 03 2017 - 1:01AM
UK Regulatory
TIDMPEN
RNS Number : 0058E
Pennant International Group PLC
03 May 2017
3 May 2017
Pennant International Group plc
GBP2 million Contract Extension confirmed by Lockheed Martin
Corporation
Lockheed Martin (UK) Limited exercises options on training
contract for aircrew and engineering staff first announced in H1
2016
Pennant International Group plc ("Pennant"), the AIM quoted
supplier of integrated logistic support solutions, products and
services, principally to the defence, rail, aerospace and naval
sectors and to Government Departments, is pleased to confirm that
its wholly owned subsidiary, Pennant Training Systems Limited, has
been notified that Lockheed Martin (UK) Limited, the UK subsidiary
of the Lockheed Martin Corporation ("LMC"), one of the world's
leading aerospace and defence contractors, has exercised its option
to increase the value of the contract announced on 16 June 2016,
from its initial value of GBP0.2m to in excess of GBP2.2m. This
extension is scheduled for delivery across 2017 and 2018 and is
supportive of current expectations.
Commenting, Pennant CEO Phil Walker, said: "This anticipated
extension to the existing LMC contract helps to underpin current
market revenue forecasts and will also make a valuable contribution
to 2018 revenues.
"It also represents very important additional business from one
of the world's leading aerospace and defence contractors and is
positive proof of the skills, expertise and international
reputation Pennant continues to enjoy. We look forward to further
developing the relationship and to delivering another world-class
training solution".
Enquiries:
Pennant International www.pennantplc.co.uk
Group plc
Philip Walker, CEO +44 (0) 1452 714 881
WH Ireland Limited www.whirelandplc.com
Mike Coe / Ed Allsopp +44 (0) 117 945 3470
Walbrook PR (Financial paul.vann@walbrookpr.com
PR)
Paul Vann / Tom Cooper +44 (0)20 7933 8780
This information is provided by RNS
The company news service from the London Stock Exchange
END
CNTUGUBPAUPMUAW
(END) Dow Jones Newswires
May 03, 2017 02:01 ET (06:01 GMT)
Pennant (LSE:PEN)
Historical Stock Chart
From Apr 2024 to May 2024
Pennant (LSE:PEN)
Historical Stock Chart
From May 2023 to May 2024