Pennant International Group plc (LON:PEN), the systems support software and training solutions company, has provided the following business update.
FY24 Trading
The Group expects to report trading results for the year ending 31 December 2024 in line with market expectations, with revenues of approximately £14 million and adjusted earnings before interest, taxation and amortisation of circa £1.2 million.
Re-positioning the business
During FY24, Pennant has taken significant steps to streamline its legacy Training Systems business segment and focus investment and resources on the growth of its Software and Technical Services segments which provide more predictable revenue streams, higher margins, greater scalability and have a shorter working capital cycle.
The workforce restructuring programme, as announced on 23 September 2024, has been completed, with a headcount reduction of circa 30 roles achieved, and three commercial units at the Staverton site have been sold subject to contract for consideration totalling £1.2 million (marketing of the remainder of the site continues).
