The Group was ‘down-selected’ for a major UK defence programme in August 2018 which was, at the time, anticipated to be contracted in that year.

The opportunity has since been subject to protracted negotiations between Pennant’s customer and the Ministry of Defence and Pennant itself.

Phil Walker, Group CEO, commented: “Given the length of time since the initial ‘down-selection’, our budgeting for the next three years had not assumed award of the full scope, and a contract worth in the region of £9 million, if awarded, will be a material win for us and substantially underpin our financial expectations for next year.”

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