Pennant receives contract extension from Lockheed Martin

Integrated logistic support solutions, products and services supplier Pennant International Group confirmed on Wednesday that its wholly owned subsidiary, Pennant Training Systems, had been notified that Lockheed Martin UK had exercised its option to increase the value of the contract announced on 16 June 2016.

The AIM-traded firm said the extension took the value of the contract from its initial value of £0.2m to more than £2.2m.

It said the extension was scheduled for delivery across 2017 and 2018, and was “supportive” of current expectations.

“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,” said Pennant CEO Phil Walker.

“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.”