Pennant secures new customer and strengthens ARR
Summary by AI BETAClose X
PENNANT INTERNATIONAL GROUP PLC
("Pennant", the "Company" and together with its subsidiaries the "Group")
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.
Enquiries:
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Pennant International Group plc |
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Phil Walker, CEO Darren Wiggins, CFO |
+44 (0) 1452 714 914 |
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Cavendish (Nominated Adviser and Sole Broker) |
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Ben Jeynes / Callum Davidson / George Lawson (Corporate Finance) |
+44 (0) 207 220 0500 |
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Michael Johnson / Dale Bellis / Sunila de Silva (Sales and Corporate Broking) |
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Walbrook PR (Financial PR) |
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Tom Cooper Nick Rome |
+44 (0)20 7933 8780 Mob: +44 (0)7748 325 236 |
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Notes to editors:
Pennant International Group plc (AIM: PEN) is a technology driven, leading global provider of system support software and services, technical services, and training solutions. It supports its global customer base in the design, development, operation, maintenance, and training of complex assets, to maximise operational and maintenance efficiency.
Its key markets include Aerospace, Defence and Rail, and adjacent safety-critical markets such as Shipping, Nuclear and Space.
The Group addresses the market through three key business segments:
• Auxilium software: a key generator of recurring revenues through the provision of a suite of software tools designed to help clients: manage and use complex data; ensure equipment availability at optimal cost; and comply with industry standards. Its Integrated Product Support (IPS) and Integrated Logistics Support (ILS) software and services equips customers with powerful market-leading toolsets to manage, model and utilise complex equipment data.
• Technical Services: drives repeatable revenues through expert support for users of Pennant and third-party solutions including consultancy, support and maintenance, training and bespoke development.
• Training Systems: project-based revenues relating to the design and build of hardware, software and virtual training solutions for maintainers and operators of aircraft, ships and land systems.
Pennant is strategically focused on sustainable recurring and repeatable revenues and profitability growth, shifting its model towards high margin software and services. Against a climate of rising defence budgets and the burgeoning technological complexity of military, aviation and rail platforms, the demand for these solutions is expected to grow substantially.
Headquartered in Cheltenham, UK, the Group operates worldwide, with offices in the UK, North America and Asia-Pacific, serving markets with high barriers to entry often in regulated industries.
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