Cheltenham-headquartered Pennant International provides update on contracts
Pennant International, the AIM-listed Cheltenham-based training technology provider, has updated the market on activity concerning its contracts.
In the UK and Europe, the company said the UK Ministry of Defence (MoD) had announced its intention to contract the firm for a "comprehensive technology upgrade to the RAF's GenFly training systems".
The expected deal is said to be worth £4.9 million and will be delivered over three and a half years, with an award date of April, 2025.
The potential award is subject to contract and applicable defence procurement processes, the firm said, adding that a further announcement would be made in due course.
Also in the stock market statement, the firm said that in North America, it had secured its first sale of software under its new subscription model for the Auxilium suite.
The customer is a US defence contractor focusing on unmanned aerial systems.
In addition, an order has been received from a Canadian defence contractor for technical services with a value of £400,000 over eight months beginning this month, said Pennant International.
The company provides system support software and services and training solutions around the globe. Its key markets include aerospace, defence and rail, and adjacent safety-critical markets such as shipping, nuclear and space.