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RNS Number:2028P
Pennant International Group PLC
02 September 2003
PENNANT FLAGS UP A RETURN TO PROFIT
Pennant International Group plc, listed on AIM, is a leading supplier of
technology solutions to the defence and industrial sectors, including specialist
software, data management systems, simulation and training systems. The company
today announces satisfactory Interim Results for the period to June 30th 2003.
"As anticipated the Group has now returned to profit. The continuing strong
order book and good cash position gives us confidence in the future."
Christopher Powell, Chairman.
* Pre-tax profit #242,000 (2002, Loss of #894,000)
* Significant reduction in net debt
* Worldwide order book shows potential revenues of over #10,000,000
* Investment in Aberdeen to expand services business in oil and gas
industry
The full text of the Chairman's Statement and the Profit and Loss Account,
Balance Sheet and Cash Flow Statement follow.
FOR FURTHER INFORMATION CONTACT:
Joe Thompson, Chief Executive, on 01452 714881
Ken Rees, Binns Winningtons on 0117 317 9477 or 07802 466567
CHAIRMAN'S STATEMENT
I am pleased to report a return to profit in the six months to 30 June 2003.
This was anticipated in my statement accompanying the 2002 results when I
reflected the Board's confidence of a return to profitability in 2003 as the
benefits of increased orders, cost reductions and efficiency gains were
realised.
RESULTS AND DIVIDEND
The Group profit on ordinary activities before taxation was #242,000 (2002: loss
of #894,000). Cash generated from operating activities was #533,000 and net debt
was reduced to #1,296,000 from #1,611,000 at 31 December 2002 (June 2002:
#2,791,000). Your Board is not recommending an interim dividend.
CURRENT TRADING AND OPERATIONS
Market conditions remain challenging but the high levels of tendering activity
experienced in the fourth quarter of 2002 and the first quarter of 2003 have
continued. Group companies have succeeded in securing new business to maintain
the firm order bank, which has the potential to generate revenues in excess of
#10,000,000, with some 26% of the new orders by value coming from new customers.
Pennant Training Systems has continued to progress work on the contract from
Westland Helicopters Limited for two training devices in support of a new buy of
Lynx 300 helicopters and workshare with Atlantis Systems International of Canada
for the Canadian Government EH101 Cormorant cockpit procedures trainer. In
addition it has worked on a number of projects under the Ministry of Defence
Post Design Services contract, which include major upgrades to a virtual reality
training system for aircraft marshallers at RAF Cosford and a further
enhancement to the Sea King helicopter training system for the Royal Navy at HMS
Sultan. In the first quarter there were several smaller value quick turnaround
upgrades to Pennant products in service at various military establishments.
The design phase of the South African Air Force Hawk Lead-In Fighter Trainer
programme under contract to BAE Systems was completed on 15 August. The initial
stage in the production phase of the programme is scheduled to start during the
third quarter. This production phase, which has a significant overall value, is
divided into four stages to coordinate the design and development of the
training system with the maturing aircraft systems. All four stages of the
production phase are expected to generate revenues in the period from 2003 to
2005. It is anticipated that this will be followed by a third phase starting in
2005 to bring the training systems up to the technical standard of the aircraft
for delivery in 2006.
A number of other contracts have been won in the period including the sale of
aero engineering computer based maintenance training courseware and Pennant
presentation suites to non-military colleges in Wales and Scotland.
Significant new business has been secured by Pennant Information Services during
the period. As anticipated in my last statement, a further order was received
from a Rolls-Royce group company covering the delivery of training in support of
their Private Finance Initiative programme with the Ministry of Defence to
provide a new range of diesel-powered generators, the Field Electrical Power
Source or FEPS(R) for the British Army, Royal Marines and Royal Air Force. Under
the contract Pennant is training military instructors and instructing on
conversion training courses at a variety of military establishments over the
next two years. This order has a substantial value and represents a major
success in the company's growing training delivery activity within its portfolio
of products and services. Under contracts awarded in 2002 Pennant Information
Services designed and produced the technical documentation and training media
for FEPS(R).In the non-defence markets there has been success with a significant
order for Airbus documentation as a sub-contractor to Eurodoc Sonovision-ITEP.
This has now developed into a co-contracting agreement with the parent company
in Paris, Sonovision-ITEP. The objective of the agreement is to present a
Franco-British grouping of companies to further the technical documentation
business interests of both parties in aerospace and defence. In the rail
industry an order has been received for a track safety training product to be
delivered on Digital Video Disc. Further e-learning programmes have been
developed for British Telecom. Having provided services to the oil and gas
industry in a limited way for a number of years, the company, in response to
improving business prospects and recognising the importance of an Aberdeen base,
acquired the shares of Integrated Engineering Design (Aberdeen) Ltd (IED) on
30th June 2003 for a consideration of #129,000. This acquisition will be
integrated with other Pennant operations and, whilst continuing with the IED
core activity of cartography and draughting services, will be seeking to expand
the existing customer base for technical documentation.
The software businesses in North America, Australia and the United Kingdom, in
addition to product sales and support, have been actively engaged in two major
programmes with software development being undertaken at all locations. The
work involved activity on the Materiel Acquisition Supportability Information
System (MASIS) for the Canadian Department of Defense, with SAP and IBM as prime
contractor, and the Australian Defence Force software upgrade. In Australia, a
full suite of Pennant specialist products is being customised to Australian
Defence Force standards and installed including OmegaPS, the supportability
engineering software, OmegaPS Analyzer and OmegaPS Publisher. In North America,
a major milestone was achieved when Pennant Information Services Inc gained
accreditation from SAP AG for its Complex Asset Supportability System (CASS)
interface. This is a software solution that links Pennant's OmegaPS product
suite with SAP(R) R/3(R) using SAP approved Business Application Programming to
integrate with SAP(R) R/3(R). In the United Kingdom, Pennant Software Services
has continued actively to support the Product Life Cycle Support (PLCS)
development initiative and the company will also participate in PLCS launch
events, planned for September 2003, in the United Kingdom, Scandinavia and the
United States of America.
PROSPECTS
The company's performance in the first half of this year has been in line with
expectations and in looking ahead prospects remain good, subject to contracts
being awarded on time and running to schedule. The strong order bank is being
maintained and the positioning within our potential markets is good with many
new business opportunities in prospect. Of particular significance is the high
level of interest being shown in overseas markets for existing Pennant Training
Systems products. We are also encouraged by the continuing success in winning
business with new customers. Nevertheless, the business has to be won and there
can be no relaxation in the sales effort in all markets.
CONCLUSION
The Group's return to profitability is attributable to numerous factors. We
recognise and are grateful to our shareholders and our customers for their
support but a key factor has been the response of the staff to measures to
reduce costs and increase efficiency. Their contribution has been excellent.
The continuing strong order bank and good cash position, combined with prospects
for new business in all areas, gives your Board confidence in the future.
CHRISTOPHER POWELL
Chairman
2 September 2003
Pennant International Group plc
Consolidated Profit and Loss
Account
Six Six Year
months months ended
ended ended 31
30 June 30 June December
2003 2002 2002
Notes #'000 #'000 #'000
Turnover 6129 4451 9030
Cost of sales 3277 2759 5488
-------- -------- ---------
Gross profit 2852 1692 3542
Net operating expenses 2553 2469 4938
Exceptional redundancy 0 123 0
cost
-------- -------- ---------
Operating profit/(loss) 299 -900 -1396
Profit on sale of property 0 110 110
-------- -------- ---------
Profit/(loss) on ordinary activities 299 -790 -1286
before interest
Interest -57 -104 -197
-------- -------- ---------
Profit/(loss) on ordinary activities 242 -894 -1483
before taxation
Taxation 2 0 0 0
-------- -------- ---------
Profit/(loss) attributable to ordinary 242 -894 -1483
shareholders
Ordinary dividends 0 0 0
-------- -------- ---------
Amount transferred to/(from) 242 -894 -1483
reserves -------- -------- ---------
Earnings per share 3
Basic 0.76p -3.84p -5.34p
Diluted 0.69p -3.82p -5.14p
Statement of Total Recognised Gains and
Losses
Profit/(loss) for the 242 -894 -1483
period
Currency translation differences on foreign 36 -5 47
currency net investments
-------- -------- ---------
278 -899 -1436
-------- -------- ---------
Pennant International Group plc
Summarised Consolidated Balance Sheet
As at As at As at
30 June 30 June 31 December
2003 2002 2002
#'000 #'000 #'000
Intangible assets 1389 1529 1411
Tangible assets 2852 3022 2900
Investments 6 6 6
-------- -------- ---------
4247 4557 4317
Work in progress and debtors 3207 4498 3080
Creditors falling due within one -2683 -2530 -2589
year
-------- -------- ---------
524 1968 491
Net bank balance 799 -449 599
Current instalments of borrowings -256 -304 -236
-------- -------- ---------
Net current assets 1067 1215 854
-------- ---- ---- ---------
Total assets less current 5314 5772 5171
liabilities
Future instalments of borrowings -1839 -2038 -1974
Creditors falling due after one year 0 0 0
-------- -------- ---------
3475 3734 3197
Provisions for liabilities and 0 0 0
charges
-------- -------- ---------
3475 3734 3197
-------- -------- ---------
Called up share capital and share premium 6609 6609 6609
account
Reserves -3134 -2875 -3412
-------- -------- ---------
3475 3734 3197
-------- -------- ---------
Pennant International Group plc
Consolidated cash flow
Six Six Year
months months ended
ended ended 31
30 June 30 June December
2003 2002 2002
Notes #'000 #'000 #'000
Cash inflow from operating 533 -493 861
activities
Returns on investment and servicing of -57 -104 -260
finance
Taxation 0 0 0
Capital expenditure -34 -487 -506
Acquisitions 4 -127 0 0
Equity dividends 0 0 0
-------- -------- ---------
Cash inflow/(outflow) before 315 -1084 95
Financing
Financing
Issue of ordinary share 0 1995 1995
capital
Other financing -115 318 187
-------- -------- ---------
Increase in net cash 200 1229 2277
-------- -------- ---------
Reconciliation of net cash flow to
movement in net debt
Increase in net cash 200 1229 2277
Cash to repurchase debt 115 322 464
New loans and hire purchase 0 -640 -650
contracts
-------- -------- ---------
Movement in net debt in 315 911 2091
period -------- -------- ---------
Net debt at beginning of -1611 -3702 -3702
period
Net debt at end of period -1296 -2791 -1611
-------- -------- ---------
Reconciliation of operating profit to cash
flow from operating activities
Operating profit/(loss) 299 -900 -1396
Profit on sale of property 0 110 0
Depreciation 102 164 302
Amortisation of intangible 120 122 240
assets
(Profit)/loss on sale of fixed 0 -110 0
assets
(Increase)/decrease in work in progress and -59 108 1522
debtors
Increase in creditors 69 18 80
Other movements 2 -5 113
-------- -------- ---------
533 -493 861
-------- -------- ---------
Pennant International Group plc
Notes to Interim Statement
1. This interim statement, which is neither audited nor reviewed, has
been prepared on the basis of the accounting policies set out in the Group's
2002 annual report and financial statements. The balance sheet at 31 December
2002 and the results for the year then ended have been abridged from the Group's
annual report and financial statements which has been filed with the Registrar
of Companies: the auditors' opinion on the financial statements was unqualified.
2. There is no taxation charge as no taxation charge is expected for the
full year.
3. The calculation of earnings per share is based on the profit
attributable to the shareholders and the weighted average number of shares as
set out below:
Six Six
months months Year
ended ended ended
30-Jun 30-Jun 31-Dec
2003 2002 2002
# # #
Profit/(loss) attributable to 242,000 -894,000 -1,483,329
shareholders ---------- ----------- ---------
Number Number Number
Basic weighted average number of 32,000,000 23,261,746 27,798,093
shares
Employee share options 2,836,500 166,500 1,086,500
---------- ---------- -----------
Diluted weighted average number of 34,836,500 23,428,246 28,884,593
shares ---------- ---------- -----------
p/share p/share p/share
Basic 0.76 -3.84 -5.34
Diluted 0.69 -3.82 -5.14
4. On 30 June 2003 the Group acquired the whole of the issued share
capital of Integrated Engineering Design (Aberdeen) Limited for #129,000 in
cash. The net assets acquired are as follows:
#'000
Tangible fixed assets 10
Debtors 68
Cash at bank 2
Creditors -25
-------
55
Goodwill 74
-------
129
-------
This announcement is being circulated to all shareholders of the Company and
copies will be available to the public at the Company's Registered Office at
Pennant Court, Staverton Technology Park, Cheltenham GL51 6TL
This information is provided by RNS
The company news service from the London Stock Exchange
END
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