Pennant International: Record Gross Margin & Return to Operating Profit

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.

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