Pennant secures new customer and strengthens ARR

Pennant International Group plc (AIM: PEN), the systems support software and training solutions company, is pleased to announce it has secured a new contract for the latest release of its Auxilium software suite with a major global shipbuilding organisation.

The new customer contract, expected to contribute approximately £0.2m to Annual Recurring Revenue(1) ("ARR") is for the deployment of Auxilium, Pennant's next-generation integrated product support platform, across a major shipbuilding programme in the Asia-Pacific region.

Auxilium will support the management of complex engineering, maintenance and logistics information throughout the programme lifecycle, providing a single, authoritative source of support data while improving operational efficiency, data integrity and decision making.

The contract supports the continued growth in recurring software revenues and reinforces progress towards the Group's target of achieving more than £3.0m of ARR by the end of FY26.

Phil Walker, CEO of Pennant International Group plc, commented:

"Securing this contract with a major international shipbuilder is an important milestone for Pennant and a further endorsement of the capability and value of the Auxilium platform. Not only does this agreement strengthen our position within the maritime and naval sectors, it also adds high-quality recurring revenue and expands our presence in the strategically important Asia-Pacific region. We look forward to supporting the customer throughout this significant programme and building a long-term partnership."

Note 1: Annual Recurring Revenue (ARR) is the annualised revenue generated from software subscriptions and maintenance contracts.