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17 Jul 2020 | 12:13

Pennant International jumps after £1.5m training products contract

(Sharecast News) - Pennant International shares jumped after the technology training and support company said it signed a £1.5m contract to supply training aids to a customer in the Middle East. The longstanding customer signed a statement of intent in February to buy £5m of training aids. Pennant said following the initial order it expected the customer to buy more products in line with the statement of intent with a further order later in 2020 or in early 2021.

Pennant shares rose 19.4% to 43p at 11:12 BST.

The initial order was from Pennant's generic products and most of the revenue will be recognised in 2021. The sale takes Pennant's contracted order book for 2021 to almost £13.5m.

Phil Walker, Pennant's chief executive, said:"We are delighted to have secured this new contract, which is testament to our close and long-standing partnership with the customer. It also demonstrates the group's continued ability to convert new opportunities and win new international business which is particularly important in the current economic climate".

Pennant said it would publish a first-half trading statement on 13 August.

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