Training simulations developer Pennant International Group PLC (LON:PEN) has been awarded a major new contract worth an initial £10.2mln.
Earlier this year, the AIM-quoted firm told investors it had received a statement of intent from a Middle Eastern company.
READ: Pennant off to encouraging start
Pennant has now been formally awarded that contract, which will see it supply and install a selection of training aids to the Qatar-based customer. The aids will be used to train airport workers, including maintenance of mechanical and avionics systems, aircraft marshalling and ground handling activities.
The contract has already started and will last for the next three years, with the majority of the revenue to be recognised in 2019.
“This is a strategically important contract award for Pennant which underlines our excellent reputation in the Middle East and increases our contracted order book to over £40mln,” said chief executive Philip Walker.
Shares rose 9.6% to 149p in early deals on Tuesday.