Pennant International, a systems support and training services company headquartered in Cheltenham, is optimistic about its future prospects following a “pleasing” set of results. For the year ending 31 December 2023, the company reported group revenues of £15.5m, up from £13.7m the previous year. Pre-tax losses also reduced to £400,000 from £1.4m.
Chairman Ian Dighé expressed his satisfaction with his first set of results, highlighting significant group-wide progress, including a return to operating profit and record gross margins. He emphasised the company’s continued investment in and development of its leading suite of services and solutions, aimed at helping customers maximise their operational efficiency. This is part of a broader strategy focusing on higher value, higher margin, and recurring software and services revenues.
Dighé noted that the board was encouraged by the improvements already realised, reflecting the successful implementation of the company’s growth strategy. He pointed out that current economic and geo-political trends are driving significant increases in global defence spending, which, along with positive outlooks for other key markets, promises growing tailwinds for the group in the short-to-medium term.
Despite recent delays in order conversion, the impact is expected to be short-term. The strategic investment in the integrated software suite, along with the post period-end release of GenS Version 3.0, brings to market a leading software solution designed to address the challenges operators face in managing, modelling, and utilising vast amounts of complex systems data.
The board believes that this integrated product suite, combined with Pennant International’s underlying strengths—including long-term customer relationships with governments and major OEMs, specialist services, and a quality-assured reputation—will provide opportunities for long-term success.
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.
