Pennant International, a systems support and training services company based in Cheltenham, has shared an update on its performance in the first half of 2024. The company anticipates reporting revenues of £7.4 million, an increase from £7.1 million in the same period last year. Adjusted EBITDA is expected to reach £900,000, up from £800,000 in 2023, while adjusted EBITA is predicted to be £600,000, compared to £500,000 previously. Net debt is projected to decrease to £1.6 million from £1.9 million in 2023.
The company is making significant progress with several major sales prospects, aiming to convert these into orders in the second half of the year. However, the timing and amount of these potential deals depend on contract agreements and the completion of processes at the defence department and prime contractor levels.
The board expressed satisfaction with the UK Strategic Defence Review announced by the new Labour government, particularly the commitment to increase defence spending to 2.5% of GDP. The group continues to invest in its proprietary integrated software suite, now branded ‘Auxilium,’ with about £0.7 million spent in the first half of the year. The suite will be unveiled to the industry in Q4 2024, with the full release expected by year-end.
Chief Executive Philip Walker expressed his satisfaction with the ongoing progress and highlighted the investment in and development of the new Auxilium software suite, which is expected to launch in the second half of the financial year.
Pennant International Group plc (LON:PEN) was established over 60 years ago and is a leading global provider of technology-based maintainer training and integrated product support solutions. The Group operates worldwide, with offices in Europe, North America and Australasia.
