13 June 2023

PENNANT INTERNATIONAL GROUP PLC

Business Update: New Contract Wins

Pennant International Group plc (AIM:PEN), the IPS software and services company, is pleased to report further progress as it implements its new business model, with the following new orders secured :

·      a contract on an Australian defence programme, to supply software solutions and technical services worth AUD$5.2 million over five years;

·      an upgrade on an existing Australian contract to provide specialist facilities and services worth AUD$1.2 million over five years;

·      a £250,000 perpetual software licence to a European defence department;

·      a contract for technical railway mapping services in the UK, worth circa £130,000 this year.

The first order is particularly significant as it represents the first sale of Pennant's new GenS software, which will be fully launched to market in early 2024.

GenS is the successor product to OmegaPS and is the next generation of Integrated Product Support software - a Windows application, hosted on premise or via the cloud, deployable on laptops or tablets, and which enables the seamless management of equipment data across complex programmes.  

Phil Walker, Group CEO commented: "These new contract wins demonstrate that recent momentum has been maintained in building our new business model. It is especially pleasing to secure the first sale of the new GenS solution."  

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.

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