Dramatic shift in gross margin

Pennant International’s FY22E update this morning highlights a c.£1.3m positive swing in profitability to a c.£0.5m EBITA number, reflecting in turn a number of good developments, including an encouraging revenue mix change and increased repeat earnings as well as a meaningfully re-aligned cost-base. PEN supplies software / integrated product support solutions to an extensive client list of OEM’s and governments, with an increasing accent on software products/ services (which in turn brings with them a tail of longer term maintenance revenues).

The current year looks to be wellunderpinned by progress with the order book, up 9% YoY and covering the vast majority of anticipated FY23E sales. WH Ireland

don’t believe the end of the margin journey has been reached by any means, as the company is clearly operating effectively while remaining relatively lean cost-wise. With strong macro support (rising global defence spend), WH Ireland view the pipeline as promising, and anticipate a further upward shift in FY23E as laid out in our forecasts.

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.

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