Defence Holdings shares climb on second UK government contract
Defence Holdings PLC on Friday announced that it has secured a new customer contract with the UK government.
In response, the stock was 8.6% higher at 0.95 pence on Friday afternoon in London.
The London-based defence technology firm said the deal represents its second revenue-bearing customer engagement with the UK government in recent months, and marks further progress in the commercial execution of its 'Defence Holdings Operating Model'.
Defence Holdings said the contract will comprise an initial six-month pilot, structured similarly to its first UK government engagement, and that delivery will start with immediate effect.
The company added that it will be "working directly with customer stakeholders throughout the initial pilot period."
"Due to the confidential and security-sensitive nature of the engagement, there are limitations on the information the company is able to share with the market at this time," Defence Holdings said. "Accordingly, the company is unable to disclose the specific customer requirements, operational application, commercial value or other sensitive details relating to the engagement."
"Securing our second contract with the UK government represents another important step in the execution of our strategy and demonstrates continued progress in converting customer engagement into contracted activity," commented Chief Executive Officer Andrew Roughan. "Our approach is built around working directly with customers to understand their requirements and develop sovereign software capabilities against real-world need.
"This second engagement gives us another opportunity to do exactly that, working alongside customer stakeholders throughout the initial pilot period.
"With two UK government customer engagements now secured, we are continuing to build the commercial foundations of Defence Holdings whilst ensuring our technology roadmap remains closely aligned to evolving customer requirements."
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