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
  +0.00p +0.00% 89.50p 87.00p 92.00p 89.50p 89.50p 89.50p 30,000 07:32:18
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 17.2 1.9 6.5 13.8 29.48

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DateSubject
20/8/2017
09:20
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 89.50p.
Pennant Int. has a 4 week average price of 77p and a 12 week average price of 77p.
The 1 year high share price is 97p while the 1 year low share price is currently 53p.
There are currently 32,943,533 shares in issue and the average daily traded volume is 70,767 shares. The market capitalisation of Pennant Int. is £29,484,462.04.
02/8/2017
16:44
gengulphus: That trading update repeated the May news about the Lockheed Martin contract extension and the March news about the Canadian Department of National Defence contract amendment, both of which added substantially to the company's revenue prospects - but the effects of those additions were of course already in the share price. Then it said "Pennant is also pleased to announce additional contract wins and extensions during the Half Year, valued in aggregate at over GBP600,000." I at least found that figure of ~£600k a bit underwhelming after the earlier contract announcements - not any sort of cause for concern, but enough to temper the high expectations I had for the half-year results to somewhat lower ones. That hasn't prompted me to sell - I'm very definitely a long-term holder, with my earliest purchase now nearly 11 years ago. But I can very well imagine it prompting other, more 'trading'-oriented investors to sell. And the stock is illiquid enough that it doesn't take all that much selling to cause share price falls, which are liable to prompt more sales by 'trading'-oriented investors - so there's probably a bit of a sales -> lower prices -> more sales feedback loop happening at present. Or at least that's my guess. I don't think it's Brexit - Pennant's sales are very internationally based, while I'd guess much of its cost base is in the UK. So the pound falling as a result of Brexit probably acts in its favour, lowering costs relative to revenues. And while the trading statement did mention Brexit, it was only to say that they hadn't seen an effect: "Notwithstanding current economic uncertainty surrounding the recent formal commencement of the UK's Brexit from the EU, the Group has not yet detected any loss of confidence from its global customer base." Gengulphus
21/6/2017
17:27
pj 1: Well, its not often you see a Companys share price chart make a 'V' recovery, but this one is pretty close. Shame I missed it
10/3/2017
07:46
gengulphus: Results out - see http://uk.advfn.com/stock-market/london/PEN/share-news/Pennant-International-Group-PLC-2016-Final-Results/74062788 . I did wonder whether the recent management changes would cause them to be later than announced in http://uk.advfn.com/stock-market/london/pennant-PEN/share-news/Pennant-International-Group-PLC-Pre-Close-Trading/73646089 back in January, but they've kept to schedule - which indicates that the management changes haven't been too disruptive. No further details on Chris Snook's departure - just the bald statement that he has gone, followed by what the new management have done so far. They also look, at least on a first skim-through, to be as good as that trading statement indicated - indeed, a bit better than I felt it had indicated, though that may just be me having taken the trading statement with a pinch of salt too many! And certainly a lot better than I feared after the abrupt, unexplained departure of Chris Snook! No resumption of dividends yet, but I don't find that especially surprising given previous statements about the company's need to build up working capital for new contracts. Gengulphus
01/3/2017
10:18
gengulphus: Whatever the problem was, they're sorting it out quickly: http://uk.advfn.com/stock-market/london/pennant-PEN/share-news/Pennant-International-Group-PLC-Directorate-Change/73979111 The mention of the new Management Committee, of ensuring "compliance with all regulatory and legal matters" and of adding "greater depth to our risk management and commercial functions" suggests to me that this might be a case of a company that's grown a bit too big for its management structure, and of a clash of views about whether the time had come for another layer of it... If so, the difficult question is whether significant irregularities had happened within the company involving poor risk management, regulatory non-compliance, or such like? Or had someone simply highlighted the danger of that happening and insisted on closing the stable door before the horse bolted? The fact that they've now issued two RNSes without mentioning any specific problems suggests the latter - they're obliged by regulations to inform the market asap about such irregularities, and companies generally do, even though they often downplay them initially with a "we've got the matter in hand and are investigating, too early to say what the outcome will be" sort of statement. But this is AIM, the regulatory Wild West of the stockmarket, so it's not all that strong a suggestion! We should know more at the end of next week (Friday 10th), when the preliminary results are scheduled to be released. Edit: not intended as disagreement with leading's comments, which I didn't see until after I'd posted. And indeed, I think the possibilities he mentions are quite plausible triggers for a clash about management structure changes... Gengulphus
26/2/2017
16:16
wilmdav: Having just re-read hastings' excellent update (post 772), the comment that struck me most this time was the mention of the appointment of Tim Rice as non-exec director. The appointment was announced on 27/09/16. "Pennant International . . . .is pleased to announce the appointment of Tim Rice as non-executive Director. Mr Rice, aged 57, a chartered engineer and former managing director of Vector Aerospace, has over 30 years' experience in the defence and aerospace sector with companies such as Safran Group, Spirent Systems and Dowty. He now acts as a senior business advisor." Could it be that Mr Rice has been influential in Mr Snook's departure? In any event, his presence on the board makes me a little less concerned than I was, whatever the undisclosed facts. Like PJ1 above (post 777)I have been surprised by the minimal share price reaction to the news, which suggests, as is often the case, that at least some larger holders know more than we mere PI's.
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
17:26
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
20/6/2016
13:32
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
10:05
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
08:29
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-)
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