Beat me to it @edgescape, well put and much more succinctly than I would've managed to explain.

Pros: it's for the Aerospace and Defense sector of PWH - arguably the most interesting sector of the business with the greatest upside. It's the largest single-order for Aerospace and Defense since their own team took over in 2020. Also, "if successfully delivered, has the potential to unlock long-term opportunities for the same platform" - keyword being "potential" and if successfully delivered...

Cons: Your points are bang on, not confirmed/converted into sales, whilst this is marked as Market Sensitive, I can't help but feel that this may be a bit of a grab at a positive news story after what has been a fairly underwhelming ~6 months or so since advising the market that they were electing to invest heavily in the business which will delay cashflow.

Just my 2-cents. HELD and underwater.