Pennant International shares soar on contract wins

Pennant International Group was up more than 40% as it confirmed new Middle East contract wins totalling more than £13m and running through to end-2017.

The supplier of integrated logistic support solutions, products and services said subsidiary Pennant Training Systems has signed a major new contract and has received confirmation of the award of another and has been instructed to commence work.

The contracts are being undertaken for two Middle Eastern customers and have an aggregate value of over £13m, Pennant, which is primarily focused on the defence, rail, aerospace and naval sectors, said. It sees the contracts continuing out to the end of 2017.

"The contracts, one of which has been anticipated for some time, are both for the supply of a range of equipment, hardware and software, and maintenance support to aeronautical engineering training at training colleges in the Middle East," AIM-quoted Pennant said.

The equipment to be supplied included Part Task Trainers to develop basic hand skills, mechanical and avionic systems for practicing maintenance activities and a virtual-reality procedure trainer for aircraft marshalling and ground-handling activities.