21/01/2002
E-learning outfit AdVal has clinched a contract with the Ministry of Defence worth £800,000 over one year. The deal is the first major contract awarded following publication of a new MoD-wide strategy for e-learning as part of the Defence Training Review (DTR), under which the Services have to convert at least 20% of traditional face-to-face training to e-learning. This new e-learning strategy hopes to cut costs by shortening the amount of time spent on residential courses. AdVal's 'winning submission' includes the application of battlefield and weapon system simulation, training officers for command and staff appointments and covers topics such as command, management, leadership, doctrine, military analysis and operations. Aylesbury-based AdVal said it will work closely with the Royal Military College of Science and the Junior Defence Staff College to develop the materials. Back in October, the company warned full year results to 31 March 2002 would be significantly lower than expectations. AdVal's interim figures to end-September, published shortly after the warning, disappointed with pre-tax profits of £181,000 giving way to a £2.46m loss on sales improved from £2.12m to £2.39m. In early dealings, the shares sparked up by 0.25p to 19.75p, valuing the business at £5.10m.
| Market cap: | £5.10m |
| PE Forecast: | n/a |
| Share price: | 19.75p |
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