Pennant International upbeat on several new contract wins

The AIM-traded firm said one of the orders involved a contract for an Australian defence programme, which would see it supply software solutions and technical services worth AUD 5.2m over a span of five years.

In addition, Pennant said it had secured an upgrade on an existing Australian contract, valued at AUD 1.2m and involving the provision of specialist facilities and services over a period of five years.

Pennant said it had also achieved a major milestone by securing a perpetual software licence worth £0.25m with a European defence department.

Additionally, Pennant had secured a contract in the UK for technical railway mapping services, valued at £0.13m for the current year.

Of particular significance to the company’s board was the first sale of Pennant's new ‘GenS’ software, which it said represented a major milestone.

GenS is the successor product to ‘OmegaPS’,, and formed the next generation of integrated product support (IPS) software.

It described it as a Windows application that could be hosted on-premises or via the cloud, which could be deployed on laptops or tablets.

GenS would enables the “seamless” management of equipment data across complex programmes.

The company said the full launch of GenS in early 2024 would further enhance Pennant's product portfolio and drive future growth.

“These new contract wins demonstrate that recent momentum has been maintained in building our new business model,” said group chief executive officer Phil Walker.

“It is especially pleasing to secure the first sale of the new GenS solution.”

At 1320 BST, shares in Pennant International Group were up 6.25% at 37.4p.

Reporting by Josh White for Sharecast.com.