Share Name Share Symbol Market Type Share ISIN Share Description
Pennant Int. LSE:PEN London Ordinary Share GB0002570660 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.50p -1.81% 81.50p 81.00p 82.00p 83.00p 81.50p 83.00p 34,185.00 11:16:08
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 9.9 -2.4 -8.7 - 26.85

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Trade Time Trade Price Trade Size Trade Value Trade Type
12:15:5381.1110,0008,111.10O
11:07:4682.002,0001,640.00O
11:04:4382.132,6742,196.02O
10:42:1582.13773634.83O
09:56:3882.854,2003,479.70O
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Pennant (PEN) Top Chat Posts

DateSubject
23/2/2017
08:20
Pennant Daily Update: Pennant Int. is listed in the Software & Computer Services sector of the London Stock Exchange with ticker PEN. The last closing price for Pennant was 83p.
Pennant Int. has a 4 week average price of 87.25p and a 12 week average price of 80.86p.
The 1 year high share price is 91p while the 1 year low share price is currently 28.50p.
There are currently 32,943,533 shares in issue and the average daily traded volume is 67,605 shares. The market capitalisation of Pennant Int. is £26,848,979.40.
25/1/2017
19:19
hastings: Simso, write up below from my Cambridge News slot may be of interest. I spoke with both the CEO and FD on Interim results day and in penning the piece quoted the broker numbers, which remain intact. The only difference is on the target price, which has been lifted to £1.10p. As a holder, I am hoping for some additional contracts to be announced in the coming months which would no doubt make a material difference to 2017/2018. I'm catching up with management again at the prelims. Pennant International's interim results earlier this week may not have set the world alight in terms of numbers, share price appreciation, or for that matter coverage, but they have at least since seen another stirring of interest. Whilst the shares had already enjoyed a great run, there was subsequently a bout of selling from the high sixties in the run up to the results, before some steady buying in the latter part of the week took the shares back up to a 68p Friday close. Whilst for some watchers of Pennant there has been a view of too much to do for the delivery of the £2.2m full year pre-tax profit with a hefty second half weighting, it would seem that any such fears on that front may be well and truly overdone. Speaking once more with CEO Chris Snook and FD Phil Walker on the day of the results I raised the very question in relation to the full year performance and an expected delivery of being at risk. To this end, there was an emphatic and positive view that the company would very much deliver and that the board certainly doesn't envisage any hiccups in the run up to the finals. Further to that, CEO Snook says they are already punching on for 2020 as the pipeline and prospects for the company continue building on the more recent and positive momentum. Alongside this, Snook says that the first of its three additional and recently acquired facilities commences production next week, the second soon after, with the third coming on stream slightly further down the line all of which should meet both current and expected demand. They board has also been busy lining up client visits, where it transpires that one major overseas visitor dropped in last week, which follows on from presentations to both existing and potential investors which the CEO said totalled a high teen number as opposed to just a few that featured not so long back. Such appears to be the ambition to move the business further forwards and secure long term growth with diminishing lumpiness that both were happy to talk about the current solid order book, the strong pipeline of real opportunities and a serious intention to acquire another business to complement its organic growth. That doesn't mean to imply there is another placing on the cards any time soon, as Pennant is now in a healthy enough position as demonstrated by the interim results numbers. There was cash on the balance sheet of £2.6m which includes advances on contracts, although importantly pre-dates the £3.6m fund-raise of August this year and the £1m purchase of property. The YoY contrast is with £0.6m net debt figure at end of H1-15 against the £1m-plus cash generated in H1-16. As the revenue builds so should profit, dropping straight to the bottom line says Snook, which appears to be increasing on the back of much improved prospects. Phil Walker also confirmed that as a result of the progress being made, they are absolutely committed to resuming dividend payments as soon as is right and prudent. “It is something we are very mindful of and certainly recognise the importance of dividends to our shareholders”. Timing on this front will of course come down to the right boxes being ticked, but it does not seem beyond the realms of possibility that this could happen on the delivering of the preliminary results early next year. On the very healthy, sizeable and what is a record order book, Snook says the current and significant middle eastern contracts are actually running in parallel, with both contributing to an overall expected full year sales figure of £17.3m which next year will edge up to the already visible £18m. Importantly, these numbers are already in the bag as other contracts with Lockheed Martin and General Dynamics unwind with 100% visibility for the remainder of this year and all of next year, so any one of a large number of existing pipeline prospects being delivered in the coming months would almost certainly make a material difference to next years numbers and provide further support into 2018 and beyond. To give a flavour of the potential upside on the Training Systems arm which currently accounts for 75% of revenue, there are at present several live near term prospects in play, where if just one or two are successful, it would not only provide another timely boost to the story but present additional longer term credibility. Pennant would now seem to be be well placed in a market that has received a significant boost in terms of investment, which plays well into its hands as one that provides the key specialist skills that are increasingly needed within new areas, not merely defence, but rail and aerospace which also takes in new markets and territories. The company has recently successfully concluded a contract in India which is worth noting, but whilst that growth country does provide for further opportunity's, the board doesn't see this as being a major revenue earner, as it cites other existing regions offering more extensive and lucrative growth potential. Having earlier this year appointed a new Chairman the company has now announced that it has brought on board a non exec Director with seemingly strong credentials. Tim Rice has some thirty years of extensive experience across both the defence and aerospace sectors through roles at Safran, Spirent and Dowty and his presence should further assist the company going forward in terms of raising its profile and prospects. For now, WH Ireland is forecasting pre-tax profits this year of £2.2m and EPS of 7.4P giving a PER of 9, which remains at a considerable discount to the sector average of 21. Looking to next year, although the pre-tax profit increases to £2.4m, EPS actually reduces to 7.1p, implying a forward PER of 9.5, before heading back to to EPS OF 7.4P in 2018 as profit is expected to hit £2.6m. The reason for this is down to the factoring in of new shares issued via the placing earlier this year. However, there would seem to be a distinct possibility that Pennant will indeed secure at least one, two or possibly more of those current targeted deals, which depending on the size and time scale would no doubt provide for an upgrade from the broker. It is also worth noting that the board reiterates that it sees no potential downside from brexit and if anything, given its extensive export profile Pennant should be well placed to extend its already broadening reach and profit from a weaker pound. WH Ireland states that it is comfortable in raising its target price to 80p which should really be achievable in the near term and possibly exceeded if news of further wins are announced over the next six months or so along with a signalling of reinstating the dividend. Pennant has been a good story over recent years aside the delayed contract issues of just over a year ago and certainly seems to have got its mojo back. Although I guess lumpiness will never completely disappear, the picture for the next two or three years looks intact providing scope for a longer term visibility and earnings appreciation.
16/8/2016
16:26
gengulphus: Well, it's now pretty clear where his million shares went: http://uk.advfn.com/stock-market/london/pennant-PEN/share-news/Pennant-International-Group-PLC-Holdings-in-Compan/72225548 Gengulphus
19/7/2016
14:05
interceptor2: The directors couldn't be sending a clearer message to the investment community about future prospects. Two positive trading updates in June and stating in the most recent that they are confident trading will exceed current market expectations in current year and next year. Plus order book visibility strong to 2018, with order book numbers provided. Then options to Chairman only exercisable if share price trades at 100p for more than 10 business days. Followed by two institutional investors acquiring the stock sold by ex Chairman C Powell. And then we have todays announcement about taking possession of commercial properties that will double capacity, because of record order book and increasing business capabilities. Unless I am being too optimistic because of our human weaknesses of optimistic bias when holding a stock. I don't think the company could make the message any clearer. Must take my rose tinted glasses off now and read back my own post. "Nope it still seems a sensible conclusion without them" :o)
14/7/2016
10:20
gengulphus: And we've now got the explanation of one of the 1.95m share trades: http://uk.advfn.com/stock-market/london/PEN/share-news/Pennant-International-Group-PLC-Holdings-in-Compan/71967231 The fund's holding has risen by 1.95m shares, so it is indeed a "buy" - not the "sell" that the ADVFN trade reports guessed based on the price of 52p at which it occurred being at the low end of the spread. (A type of guess that isn't all that reliable at the best of times, but particularly unreliable for very big trades, due to them typically being specially negotiated, with the market maker or other intermediaries being paid by a separate agreed fee, not by taking a spread on the price.) Gengulphus
14/7/2016
06:47
gengulphus: And as it turns out, Christopher Powell sold 4m shares, so neither as big as the nearly-8m figure originally suggested on this thread nor as small as the 0.1m figure I said it could be. I would now be reasonably certain that the two 1.95m trades were the market maker moving most of the shares on to the institutional investors - that fits their timing within about a minute after the 4m trade. (They could instead be someone else selling shares, but then the timing would be a pretty remarkable coincidence...) http://uk.advfn.com/stock-market/london/PEN/share-news/Pennant-International-Group-PLC-Director-Dealing/71964653?xref=newsalert Gengulphus
20/6/2016
12:32
interceptor2: hTTp://uk.advfn.com/stock-market/london/pennant-PEN/share-news/Pennant-International-Group-PLC-Grant-of-Options/71770128 Today's RNS above shows the level the BOD expect PEN to be trading at in the not too distant future.
17/6/2016
09:05
varies: topvest Thank you for your observations which I respect. Like you I bought many of my shares at about 14p years ago and have a good profit on paper. You may well prove right in deciding to cash in yours. The market in PEN shares is so thin and the spread so wide that needs to take a longer view than one might otherwise. CGT is another deterrent in my case from selling any shares. It looks to me as if about 1/3rd of PEN's orders are from the Middle East and it would, of course, be disastrous if PEN performed its ME contracts without getting paid. There must surely be arrangements for payments on account to mitigate this risk. I believe that the share price will stand higher in a year's time and so I will keep my shares. I will be disappointed if the payment of dividends is not resumed by then.
16/6/2016
07:29
lanzarote666: Good news. The suspension of the dividend makes sense as the cash is better used to fund this significant growth. With the general market looking at uncertainty, PEN seems the opposite with clear sight on the next three years earnings. £45m worth of orders for a £15m market cap. I think they will have no trouble finding the backers for any placing and the share price has further to run from here in my opinion. As I said previously I think we will see the 'year high' taken out in the short term. GLA 8-)
16/6/2016
06:43
topvest: A rather odd announcement this morning. You don't often get a major contract win, an exceed expectations for the current and next year and a dividend suspension in one announcement. I think this has to be a high probability candidate for a go-private transaction, particularly given the unexplained stepping down of the Chairman to NED. Something is obviously going on and I'm not sure I like it. The £45m order book will absorb working capital initially rather than in total otherwise it is not a true profit...think the wording of the announcement is a bit poor. It's certainly a good way of keeping a lid on the share price if there is something going on.
10/4/2014
18:40
gengulphus: Is that a normal paper exercise, or could PEN be looking to buy back some Shares? Quite possibly both! They seek (and so far get) the rule 9 waiver each year, i.e. it's a normal exercise. It's done to ensure that buybacks can be done without obliging the directors to do a management buy-out - without it, any buyback (other than of the directors' own shares) would push up the management's percentage stake in the company when it is already in the 30-50% range, which would trigger a mandatory bid under rule 9 of the Takeover Code if it weren't for the waiver. The waiver doesn't oblige them to do buybacks - it just keeps the possibility open (I believe the Takeover Code also obliges companies to take reasonable precautions against their buybacks pushing shareholders into situations where they have to make mandatory bids). But Pennant also have a tendency and history of doing share buybacks, generally when the share price is fairly low. I think the last one was at around half the current share price in November 2012 ( http://uk.advfn.com/news/UKREG/2012/article/55036706 ). I'd be surprised if they've dropped that way of thinking! So my guess is that they're not just keeping the option of buybacks open, but also keeping an eye open for opportunities to do them if the price drops low enough... At the time of that November 2012 buyback, the EPS 'run rate' indicated by the 2012 interim results was 2*2.21p = 4.42p per year, indicating the buyback was at a P/E of just under 10. If they're looking to do buybacks on that sort of basis this time, they would have instructed their brokers to buy at a limit price of around 65p (*). I.e. some way below the current share price, but not out of reach if the stockmarket has a determined slide! I should add that Pennant's tendency to do buybacks on that sort of opportunistic "if we have the cash and the price drops low enough" basis is one of the things I like about the company. I quite strongly dislike buybacks funded by debt and those done on a "we intend to spend X amount on buybacks no matter what" (as when big companies announce a "£2b buyback programme" or such like - a positive invitation to other market participants to try to fleece the company by driving the price up!). But Pennant's approach seems quite attractive to me. (*) I am of course not privy to Pennant's instructions to their brokers! I.e. that's only guesswork on my part... But if the price were to show signs of descending to that sort of level, I'm confident enough about that guesswork that I would probably be tempted to add to my holding! Gengulphus
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