Pennant International Group plc (LON:PEN), a leading global provider of training technology and integrated product support solutions, has provided the following trading update ahead of publication of the Company’s full-year results for the year ended 31 December 2022 which it expects to announce during April 2023.
A preliminary unaudited assessment of the Group’s trading for FY22 indicates:
• revenues of circa £13.7 million (2021: £16.0 million);
• record gross margin of 42% (2021: 27%);
• earnings before interest, taxation and amortisation of circa £0.5 million (2021: loss before interest, taxation and amortisation of circa £0.8 million);
• net debt at year-end of £0.4 million (2021: net debt of £3.5 million);
• three-year order book at year-end of £25 million (2021: £22 million), of which £13 million is scheduled for delivery in 2023.
Phil Walker, Pennant International Group CEO, commented: “This is now the third consecutive trading period for which we have reported positive EBITA[i]. The Group’s net debt position materially improved during the second half of 2022 and with a re-aligned cost base, much-improved gross margins and a healthy contracted order book, the Group has entered 2023 with a real sense of momentum.”
i – six months ended 31 December 2021, six months ended 30 June 2022, six months ended 31 December 2022.