Pennant International Group PLC Statement of Intent for Prospective GBP5m Contract (4011D)
February 19 2020 - 1:00AM
UK Regulatory
TIDMPEN
RNS Number : 4011D
Pennant International Group PLC
19 February 2020
FOR IMMEDIATE RELEASE 19 February 2020
PENNANT INTERNATIONAL GROUP PLC
Statement of Intent for Prospective GBP5 million Contract
Pennant International Group plc ("Pennant", the "Group", or the
"Company"), the AIM quoted supplier of integrated training and
support solutions, products and services which train and assist
operators and maintainers in the defence and regulated civilian
sectors, is pleased to announce that it has received a statement of
intent for a potential major new contract for a suite of generic
training aids.
The statement of intent has been issued by a long-standing
customer in the Middle East which is expanding its regional
operations. Based on the customer's stated requirements, the
prospective contract is anticipated to be worth up to GBP5
million.
The opportunity remains subject to contract, and the statement
of intent does not guarantee that a contract will ultimately be
awarded to Pennant. While the timing of any contract award is not
certain, the Group is optimistic about the contract's prospects and
expects award to occur within the first half of 2020.
The majority of the revenues on the contract would be recognised
on product acceptance in accordance with IFRS 15 and, depending on
timing and composition of the eventual contract, up to GBP3 million
could be recognisable in the second half of 2020. Currently (not
taking into account this opportunity), the Group's contracted order
book scheduled for delivery in 2020 stands at GBP16 million (as
part of its total GBP33 million three-year order book).
Conversion of this opportunity would be the fourth contract
awarded from the Group's GBP30 million 'single source' pipeline
referenced in the Interim Results on 24 September 2019 (following
the UK contract award announced on 31 October 2019 and the
Australian and Middle East contracts announced on 3 February
2020).
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) ("MAR") prior to its release as part
of this announcement and is disclosed in accordance with the
Company's obligations under Article 17 of MAR.
Enquiries:
Pennant International Group plc www.pennantplc.co.uk
Philip Walker, CEO
David Clements, Commercial &
Risk Director +44 (0) 1452 714 914
WH Ireland Limited (Nomad and www.whirelandcb.com
Broker)
Mike Coe
Chris Savidge +44 (0) 117 945 3470
Walbrook PR (Financial PR) paul.vann@walbrookpr.com
Paul Vann +44 (0)20 7933 8780
Tom Cooper Mob: +44 (0)7768 807631
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END
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