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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| PBF Energy Inc | TG:PEN | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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RNS Number:1405J
Pennant International Group PLC
25 March 2003
25 March 2003
Pennant International Group plc
The AIM listed specialist in computer based training systems and logistic
support and data management software for the defence industry today announces
its results for
the year ended 31 December 2002
"As indicated in my Interim statement in August 2002, the Board's expectations
were for an improving situation in the second half of the year resulting from
significant cost reductions and an upturn in order intake. I am pleased to say
that these expectations were realised. Whilst losses continued in the second
half they were at a reduced level and the year ended with a healthy firm order
bank, a strong cash position and significant new business prospects. "
Christopher Powell, chairman.
Full Chairman's Statement and financial details follow:
For further information, please contact:
Joe Thompson, Pennant International Group Plc: Tel: 01452 714881
Ken Rees, Winningtons: Tel: 0117 317 9477
Mobile: 07802 466567
Mike Coe, Rowan Dartington: Tel: 0117 9330020
CHAIRMAN'S STATEMENT
For the year ended 31 December 2002
As indicated in my Interim statement in August 2002, the Board's expectations
were for an improving situation in the second half of the year resulting from
significant cost reductions and an upturn in order intake. I am pleased to say
that these expectations were realised. Whilst losses continued in the second
half they were at a reduced level and the year ended with a healthy firm order
bank, a strong cash position and significant new business prospects. Delays to
contract awards in the early part of 2002, combined with delays in the provision
of data by customers, resulted in revenues being deferred to the second half and
into 2003. Other delayed contracts were placed late in the second half and made
little contribution to the 2002 results. 2003 is expected to benefit from these
delayed revenues and the significant increase in orders which has resulted in a
near doubling of the order bank.
RESULTS AND DIVIDEND
The Group loss on ordinary activities after taxation was #1,483,329 (2001: Loss
#2,311,058). Again, as last year, your Board is not recommending a dividend.
At the year-end the Group had cash balances of #599,265, and unused overdraft
facilities of #1,500,000, compared with a net overdraft of #1,678,125 at 31
December 2001. This financial improvement follows the Placing and Open Offer in
March 2002, which raised #1,995,112 net of expenses, the sale of surplus
property in Southampton, a reduction in working capital as work in progress
continues to be converted to cash and by improved progress payments. In March
2002, the Company's short-term bank loan of #1,500,000 at 31 December 2001 was
converted to a ten-year term loan repayable by monthly instalments. Gearing at
31 December 2002 was 50% (2001: 140%).
CURRENT TRADING AND OPERATIONS
I am pleased to report that the higher levels of tendering activity and order
intake achieved in the final quarter of 2002 have continued into the first
quarter of 2003. All parts of the Group have contributed to the significantly
strengthened firm order bank, even under the difficult market conditions being
experienced last year. The near doubling of the firm order bank, compared to
the December 2001 figure, has the potential to generate revenues of
approximately #10,000,000. Much of the new business was secured in competitive
tender, with some 45% by value with new customers.
Pennant Training Systems Limited started the year with a major contract from
Westland Helicopters Limited for two training devices in support of a new sale
by the manufacturer of Lynx 300 helicopters, having a significant value and with
revenues extending into the first quarter of 2004. Also in the early part of
the year, the company received the renewal and extension to the Full Contractor
Support and Post Design Services contracts by the Ministry of Defence, with
revenues extending out to 2005. In addition, the company announced in November
2002 the award by BAE Systems of Phase 1a of a programme to supply a Computer
Based Training and Virtual Aircraft Training System in support of the South
African Air Force Hawk Lead-In Fighter Trainer programme. Phase 1a has been
completed and the order for Phase 1b was received in March 2003. Work is on
going whilst detailed discussions leading to a contract for Phase 2, the main
design and production phase, are in progress. Phase 2 has a significant value
and is expected to generate revenues in the period 2003 to 2005. A third phase
to this programme is anticipated, to bring the training systems up to the final
technical standard of the aircraft, starting in 2005 and for delivery in 2006.
Another major order, in the second half, was the software upgrade programme
awarded to Pennant Australasia Pty Limited by the Australian Defence
Organisation that was announced in November 2002. This programme has a
significant value with the main revenues in 2003 and 2004, but with support
revenues extending to 2009.
In addition to regular maintenance and support contract work, numerous smaller
orders were received in all businesses. Pennant Training Systems Limited
recorded a two-year high for a single month's intake when lower value, short
schedule orders aggregating #1,000,000 were received in November 2002 for
completion and delivery in 2003. Pennant Information Services Limited secured
the renewal of key enabling contracts including a BT corporate contract, a
Ministry of Defence contract in support of Naval documentation and a new
business outsourcing contract from a major defence industry prime contractor.
The company also completed orders from a major defence contractor, in support of
their Private Finance Initiative new equipment programme for the Ministry of
Defence. These orders included the design of a training system, production of
the training media and production of technical manuals for the equipment. A
further order with a substantial value is anticipated covering the delivery of
training on this new equipment over a 27-month period to the Army, Royal Marines
and the Royal Air Force. This is a new activity that extends the company's
portfolio of services.
Pennant Software Services Limited, in addition to product sales in the UK and
Europe, provided software development and product support to Pennant companies
in Australia, the USA and Canada, and also recorded repeat product sales in the
Czech Republic and Taiwan. In North America, the Canadian office was
particularly busy providing specialist consultancy for the implementation of the
major logistic support software developed and in service with agencies of the
Department of National Defence. The USA office continued to provide technical
support to its major defence contractor clients as well as recording product
sales to a number of existing and new clients. In Australia, product support
and the introduction of the OmegaPS Analyzer product into the Materiel Systems
Branch in mid year was followed by the award, referred to above, of the major
software upgrade contract by the Commonwealth of Australia in November. Work on
this programme is underway and the Commonwealth of Australia decision has opened
the door for discussions with Australian defence industry prime contractors for
the upgrade of their logistic support analysis software, with the first product
sales forecast for the second half of 2003.
PROSPECTS AND THE FUTURE
Building relationships and the promotion of the Pennant businesses as an
integrated suite of capabilities, products and services has been a prominent
activity in past months. Promoting Group companies and getting the key messages
to current and prospective clients in Defence Ministries, defence contractors
and prime contractors in our target non-defence industries - information
technology and telecommunications, oil and gas, petro-chemical, consumer goods
retail, rail transport and aerospace - is an important channel for keeping them
abreast of product and technology developments. It is also the platform to
outline the business objectives of Pennant companies, which has been doubly
important as the Group has been re-positioning itself in the market place as a
technology partner, a provider of services and with the capability to deliver
solutions.
Pennant businesses depend on data and the Pennant approach is aimed at
co-ordinating the one-off collection, collation and analysis of that data as a
base to a coherent integrated logistic support process. Organised data creates
information and putting information into context generates knowledge. It is
Pennant's objective to deliver those elements of data, information and knowledge
required by an individual to carry out a specific task when, where, in the form
and at the time it is needed. This approach applies equally to defence and
non-defence applications. This reflects the need for major contractors and
operating organisations to put the delivery of solutions and through-life
support of products into sharper focus.
The immediate future for Group businesses is based on the strong order bank and
its position and potential in its markets. Notwithstanding the many new
business opportunities in prospect, the directors have taken a prudent approach
in their 2003 business plan. This is predicated on the experience of the
extremely difficult market conditions of 2001 and 2002. Much depends, as ever,
on orders being placed and contracts awarded in a timely fashion and then
running to schedule.
CONCLUSION
With the benefit of cost reducing measures taken in 2002, efficiency gains
during the year and with further cost reductions in the first quarter of this
year, combined with the high level of activity arising from the order intake in
the second half of last year, the prospects for a return to profitability in
2003 are very strong. Unlike the situation described in my statement last
year, we enter 2003 with a solid platform on which to develop and there is no
doubt that the Group, with its lower cost base, a healthy firm order bank and
sound cash position, is very much stronger than it was 12 months ago. It is
these reasons that give your Board every confidence in the future.
Finally, I express my thanks to our clients for their confidence and business,
to our shareholders for their support to the Placing in March 2002, and to my
colleagues and staff for their commitment and energy throughout the year.
Christopher Powell
CHAIRMAN
24th March 2003
_______________________________________________________________________________________
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2002
_______________________________________________________________________________________
2002 2001
as restated
# #
Turnover 9,030,396 10,905,296
Cost of sales (5,488,050) (7,400,650)
---------------- ----------------
Gross profit 3,542,346 3,504,646
Administration expenses (4,947,563) (5,756,935)
Other operating income 8,904 -
__________ __________
Operating loss (1,396,313) (2,252,289)
Profit on sale of property 110,255 -
__________ __________
Loss on ordinary activities before interest (1,286,058) (2,252,289)
Interest receivable and similar income 999 158
Interest payable (198,270) (246,035)
_________ __________
Loss on ordinary activities before taxation (1,483,329) (2,498,166)
Tax on loss on ordinary activities - 187,108
Loss on ordinary activities after taxation
attributable to members of the __________ __________
parent undertaking - retained (1,483,329) (2,311,058)
__________ __________
Loss per share
Basic (7.01p) (28.76p)
Diluted (6.66p) (27.91p)
The profit and loss account has been prepared on the basis that all operations
are continuing operations.
GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31 DECEMBER 2002
2002 2001
as restated
# #
Loss for the financial year (1,483,329) (2,311,058)
Currency translation differences on foreign currency net investments 47,373 (11,177)
__________ __________
Total gains and losses recognised since last annual report (1,435,956) (2,322,235)
_________ __________
_______________________________________________________________________________________
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2002
_______________________________________________________________________________________
2002 2001
as restated
# #
Fixed assets
Intangible assets 1,410,813 1,651,114
Tangible assets 2,900,535 2,588,952
Investments 6,135 6,135
________ ________
4,317,483 4,246,201
Current assets
Stocks 498,402 1,068,177
Debtors 2,581,263 3,537,834
Cash at bank and in hand 599,265 96,172
________ ________
3,678,930 4,702,183
Creditors: amounts falling due within one year (2,825,206) (5,863,105)
________ ________
Net current assets/(liabilities) 853,724 (1,160,922)
________ ________
Total assets less current liabilities 5,171,207 3,085,279
Creditors: amounts falling due after more than one year (1,974,244) (447,472)
Provisions for liabilities and charges - -
________ ________
3,196,963 2,637,807
________ ________
Capital and reserves
Called up share capital 3,045,400 1,847,200
Share premium 3,563,504 2,766,592
Profit and loss account (3,411,941) (1,975,985)
________ ________
Shareholders' funds 3,196,963 2,637,807
________ ________
The financial statements were approved by the Board on 24 March 2003
J J J Thompson J M Waller
Director Director
_______________________________________________________________________________________
BALANCE SHEET
AS AT 31 DECEMBER 2002
_______________________________________________________________________________________
2002 2001
# #
Fixed assets
Tangible assets - -
Investments 8,171,828 4,921,830
________ ________
8,171,828 4,921,830
Current assets
Debtors (including #1,585,000 (2001 - #Nil) due after
more than one year) 1,852,963 4,008,848
Cash at bank 556,452 154
__________ __________
2,409,415 4,009,002
Creditors: amounts falling due within one year (2,062,643) (3,731,157)
________ ________
Net current assets 346,772 277,845
________ ________
Total assets less current liabilities 8,518,600 5,199,675
Creditors: amounts falling due after more than one year (1,305,384) _
________ ________
7,213,216 5,199,675
________ ________
Capital and reserves
Called up share capital 3,045,400 1,847,200
Share premium 3,563,504 2,766,592
Profit and loss account 604,312 585,883
________ ________
Shareholders' funds 7,213,216 5,199,675
________ ________
The financial statements were approved by the Board on 24 March 2003
J J J Thompson J M Waller
Director Director
_______________________________________________________________________________________
GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2002
_______________________________________________________________________________________
Notes 2002 2001
# #
Net cash inflow from/(outflow for) operating activities 1 860,606 (81,859)
Returns on investments and servicing of finance 2 (259,792) (245,877)
Taxation 680 (1,595)
Capital expenditure 2 (506,205) (152,184)
Acquisitions and disposals 2 - (215,169)
Equity dividends paid - (224,929)
_________ __________
Cash inflow/(outflow) before financing 95,289 (921,613)
Financing 2 2,182,101 (124,684)
_________ __________
Increase/(decrease) in cash 4 2,277,390 (1,046,297)
_________ _________
_______________________________________________________________________________________
NOTES TO THE GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2002
_______________________________________________________________________________________
1 Reconciliation of group operating loss to net cash 2002 2001
inflow from/(outflow for) operating activities # #
Operating loss (1,396,313) (2,252,289)
Depreciation 302,148 460,806
Profit on sale of tangible fixed assets ( 357) (4,552)
Amortisation of intangible fixed assets 240,301 240,284
Decrease/(increase) in stocks 569,775 (51,284)
Decrease in debtors 952,280 1,780,045
Increase/(decrease) in creditors 79,792 (242,412)
Other movements 112,980 (12,457)
_______ _______
Net cash inflow from/(outflow for) operating activities 860,606 (81,859)
_______ _______
2 Analysis of cash flows for headings netted 2002 2001
in the cash flow statement # #
Returns on investments and servicing of finance
Interest received 999 158
Interest paid (198,270) (246,035)
Currency translation loss (62,521) -
_______ _______
Net cash outflow for returns on investments and servicing of finance (259,792) (245,877)
_______ _______
Capital expenditure
Payments to acquire tangible fixed assets (950,708) (177,759)
Receipts from sales of tangible fixed assets 444,503 25,575
_______ _______
Net cash outflow for capital expenditure (506,205) (152,184)
_______ _______
Acquisitions and disposals
Purchase of subsidiary undertakings - goodwill - (215,169)
_______ _______
Financing
Issue of ordinary share capital 2,156,760 -
New loans and hire purchase contracts 649,885 49,500
Repayment of hire purchase and finance leases (68,220) (83,577)
Repayment of loans (394,676) (90,607)
Expenses paid in connection with share issue (161,648) -
_______ _________
Net cash inflow from/(outflow for) financing 2,182,101 (124,684)
_______ _________
3 Analysis of net debt
1 January 2002 Cash flow Other non-cash 31 December 2002
changes
# # # #
Cash in hand and at bank 96,172 503,093 599,265
Bank overdraft (1,774,297) 1,774,297 -
________
2,277,390
Hire purchase due within one year (32,120) 32,120 (2,231) (2,231)
Hire purchase due after one year (33,749) 26,215 2,231 (5,303)
Loans due within one year (1,549,428) (245,324) 1,560,695 (234,057)
Loans due after one year (408,246) - (1,560,695) (1,968,941)
_________ ________ _________ __________
(3,701,668) 2,090,401 - (1,611,267)
________ _________ _________ __________
On 6 March 2002, a short-term bank loan of #1,500,000 was converted
to a ten year term loan repayable by monthly instalments.
4 Reconciliation of net cash flow to movement in net debt 2002 2001
# #
Increase/(decrease) in cash in the year 2,277,390 (1,046,297)
Cash to repurchase debt 462,896 174,184
New loans and hire purchase contracts (649,885) (49,500)
_______ _______
Movement in net debt in the year 2,090,401 (921,613)
Opening net debt (3,701,668) (2,780,055)
________ ________
Closing net debt (1,611,267) (3,701,668)
________ ________
This information is provided by RNS
The company news service from the London Stock Exchange
END
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