Pennant International Group plc (LON:PEN), the IPS software and services company, has provided the following trading update ahead of the publication of the Company’s full-year results for the year ended 31 December 2023, which are scheduled to be announced in April 2024.
The preliminary unaudited assessment of the Group’s trading for FY23 indicates:
· Group revenues of £15.5 million (2022: £13.7 million);
· gross margin of 50%, a record for the Group (2022: 42%);
· adjusted earnings before interest and tax (EBIT) of £0.4 million (2022: EBIT loss of £1.0 million)
· adjusted earnings before interest, taxation and amortisation (EBITA) of £1.7 million (2022: EBITA of £0.5 million);
· adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of £2.2 million (2022: EBITDA of £1.1 million);
· net debt at year-end of £1.9 million (2022: net debt of £0.4 million), with post year-end receipts resulting in net cash of £0.3 million during week commencing 15 January.
