PEN Pennant International Group Plc

TIDMPEN

RNS Number : 6127F

Pennant International Group PLC

10 March 2020

10 March 2020

PENNANT INTERNATIONAL GROUP PLC

Contract Update

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 provide an update on a key contract.

In its announcement of 9 August 2019, the Company noted that it was in the process of responding to a customer request for changes to its contract for the design and build of a set of electro-mechanical maintenance trainers for a UK armoured vehicle programme.

The scope and key terms of this contract amendment have now been agreed as expected with the customer. Formal execution of the amendment is anticipated to occur within the next two months. The price for the contract will increase by GBP1.5 million (to circa GBP13.5 million) of which circa GBP5 million remains to be recognised over 2020 and 2021.

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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March 10, 2020 08:00 ET (12:00 GMT)

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