GenFly Contract Award - valued at up to £5.75m
Pennant International Group PLC has been awarded a GenFly upgrade contract by the UK Ministry of Defence, with a total value of up to £5.75 million. The initial upgrade is valued at £2.75 million, with options for two additional upgrades at approximately £1.5 million each. This three-year program, commencing in December, aligns with the company's strategy to enhance its installed base through its Training Systems business. This award, combined with previous wins, brings secured orders to £9.5 million, contributing to the company's ongoing negotiations for further opportunities.
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Pennant International Group plc (AIM:PEN), is pleased to announce that the GenFly upgrade contract has now been formally awarded by the UK Ministry of Defence and the agreement signed.
The contract is structured as an initial upgrade of one GenFly device for £2.75 million with options to upgrade two additional devices for circa £1.5 million each. The final agreed contract value including options is £5.75 million, and revenue will be recognised as costs are incurred over time, with the programme commencing this December with an expected three-year duration.
This programme is in line with the Company's strategy to deliver modifications, retrofits and overhauls to its installed base through a streamlined Training Systems business, while it continues with the development and commercialisation of the Auxilium suite.
In its Interim Results announcement of 16 September 2025, the Company confirmed it was in advanced negotiations in respect of over £10 million of opportunities and, with today's award and the wins announced on 8 October 2025, orders totalling £9.5 million have now been secured, with negotiations continuing on additional single-source opportunities.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.