Cheltenham-based Pennant International, which provides systems support and training solutions to the aerospace and defence sectors, reported that it is on track to meet market expectations for the year. The company recently released its interim results for the first half of the year, ending in June, and emphasised its commitment to growth despite short-term restructuring challenges.
Chairman Ian Dighé expressed his satisfaction with the group’s progress, highlighting positive earnings before interest, taxation, and amortisation during the period. He mentioned that the upcoming launch of Pennant’s Auxilium software suite positions the company well for future growth. According to Dighé, restructuring the training systems business is intended to help Pennant focus on more significant, longer-term opportunities within its software, systems, and services offerings, particularly in defence.
For the six months, Pennant recorded revenues of £7.4 million, compared to £7.1 million for the same period in 2023. This resulted in an adjusted EBITA of £0.6 million, the same as in the previous year. The gross profit margin also slightly improved to 48%, up from 47%. However, the adjusted pre-tax loss increased to £0.4 million, compared to a loss of £0.3 million in the first half of 2023.
The company noted that it has contracted revenue for the full year of approximately £13 million. Additionally, it expressed confidence in generating revenue of at least £0.5 million in the fourth quarter. Based on these figures, the board believes that the company remains on course to achieve market expectations for the full year.
Pennant International remains confident in its growth trajectory despite restructuring efforts. The first-half results reflect stability in key financial metrics, and the upcoming launch of new software is expected to bolster its position in the aerospace and defence sectors.
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.
