Pennant 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.
Read the full announcement here.
