Pennant finalises deal potentially worth millions

Pennant International finalised a deal with significant potential value on Friday, signing a contract with an unnamed aerospace and defence contractor.

The AIM-traded logistical support company said the contract has a value of £0.1m. It also includes further options which, if exercised by the customer, will increase its aggregate value to in excess of £2.2m over 18 months, the company explained.

Pennant said the contract involves the development of training for aircrew and engineering staff.

"This is the second global OEM contractor to be added to Pennant's customer base since September 2015, and is further evidence of Pennant's growing reputation within the global defence industry", said CEO Chris Snook.

The deal was previously referred to in the company's trading update on 11 December 2015, when pre-contract work had begun.

Pennant expected to announce preliminary results for the year to 31 December 2015 on 7 March.