Two announcements from PEN this morning partially fill in contours of FY2019E and apprise the market of contract wins respectively. In terms of the year just concluded, likely reported figures look to be marginally below our forecast. However we read this as the net effect of investment in the company as it gears up for a major anticipated contract (the so-called “down-select”) as against costs which have been taken out (£1m-plus gross, but c.£0.6m net). The wins announced this morning are respe ....
