Contracts Update

FOR IMMEDIATE RELEASE                                                                                      23 October 2024

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

PENNANT INTERNATIONAL GROUP PLC

("Pennant", the "Company" or the "Group")

Contracts Update

Pennant International Group plc (AIM:PEN), the systems support software and training solutions company, is pleased to provide the following contracts update.

UK & Europe

The Company notes that the UK Ministry of Defence has announced its intention to contract with Pennant for a comprehensive technology upgrade to the RAF's GenFly training systems. The expected contract value is stated to be £4.9 million, to be delivered over a three and a half year period, with an award date of April 2025. The potential award is subject to contract and applicable defence procurement processes. A further announcement will be made in due course.    

712275451 - GENFLY Refresh Contracts Finder Voluntary Transparency Notice - Contracts Finder

North America

Pennant is delighted to have secured its first sale of software under its new subscription model for the Auxilium suite. The customer is a United States defence contractor focusing on unmanned aerial systems.

In addition, an order has also been received from a Canadian defence contractor for technical services, with a value of £400,000 over eight months commencing this month.

Enquiries:

Notes to editors:

Pennant International Group plc (AIM: PEN) is a technology driven, leading global provider of system support software and services, technical services, and training solutions. It supports its global customer base in the design, development, operation, maintenance, and training of complex assets, to maximise operational and maintenance efficiency.

Its key markets include Aerospace, Defence and Rail, and adjacent safety-critical markets such as Shipping, Nuclear and Space.

 The Group addresses the market through three key business lines:

•       Systems support software: a suite of software tools designed to help clients: manage and use complex data; ensure equipment availability at optimal cost; and comply with industry standards.  Its Integrated Product Support (IPS) and Integrated Logistics Support (ILS) software and services equips customers with powerful market-leading toolsets to manage, model and utilise complex equipment data.

•       Training systems: provide hardware, software and virtual solutions, critical skills training for maintainers and operators of aircraft, ships and land systems.

•     Technical services: support all Pennant's software and training solutions including consultancy, support and maintenance, training and bespoke development.

The Company's full product suite encompasses consultancy, technical documentation, rail services, training services, and bespoke engineering solutions.

Pennant is strategically focused on sustainable recurring revenue and profitability growth, shifting its model towards high margin software and services. Against a climate of rising defence budgets and the burgeoning technological complexity of military, aviation and rail platforms, the demand for these solutions is expected to grow substantially.

Headquartered in Cheltenham, UK, the Group operates worldwide, with offices in Europe, North America and Indo-Pacific, serving markets with high barriers to entry often in regulated industries.