We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pennant International Group Plc | 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 | |
---|---|---|---|---|---|---|---|---|---|---|
1.00 | 3.28% | 31.50 | 31.00 | 32.00 | 31.50 | 30.50 | 30.50 | 199,621 | 13:16:50 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Engineering Services | 13.69M | -901k | -0.0244 | -12.91 | 11.62M |
TIDMPEN
RNS Number : 4948G
Pennant International Group PLC
19 July 2023
19 July 2023
PENNANT INTERNATIONAL GROUP PLC
Trading Update & Notice of Interim Results
Positive trading momentum maintained; Strong Q2 order intake
Pennant International Group plc (AIM:PEN), the IPS software and services company, is pleased to provide a trading update for the six months ended 30 June 2023 (the "First Half") in line with management expectations. The Company expects to publish its Interim Results on 27 September 2023.
Financial summary
A preliminary unaudited assessment of the Group's trading for the First Half indicates:
-- revenues of GBP7.1 million (H1 2022: GBP6.9 million) of which circa 56% are recurring (H1 2022: 65%);
-- gross margin of 47% (H1 2022: 41%);
-- 46% of revenues generated from software licensing and associated activities (H1 2022: 52%);
-- earnings before interest, taxation and amortisation (EBITA) of GBP0.5 million (H1 2022: EBITA of GBP0.1 million);
-- earnings before interest, taxation, depreciation and amortisation (EBITDA) of GBP0.8 million (H1 2022: EBITDA of GBP0.4 million);
-- net debt at period end of GBP1.9 million (H1 2022: GBP4.1 million); -- three-year order book at period end of GBP25 million (H1 2022: GBP27 million).
Note: the above results are stated before circa GBP0.1 million of exceptional transaction and integration costs associated with the acquisition of Track Access Productions Limited.
Major programme update
The Company continues to make good progress on its contract with Boeing Defence United Kingdom Limited (BDUK) for the UK Apache upgrade programme, and has successfully passed six out of eight scheduled engineering design reviews, passing four during the First Half. The contract remains on track for completion in September 2024.
Acquisition update
The integration of Track Access Productions Limited ("TAP") into the business has been successfully completed following the acquisition announced on 13 April 2023, bolstering the Group's 'third pillar' of rail products and services.
TAP is delivering revenues in line with management expectations. Pennant's combined 'Track Access' business - comprising TAP and Track Access Services - had a successful First Half in respect of order intake and is on course to deliver turnover of approximately GBP900,000 for the year ending 31 December 2023, generating an operating profit of approximately GBP400,000 for the unit.
Order intake
Further to the announcement of 13 June 2023, which detailed new contract wins, order intake towards the end of the First Half was strong, with GBP5.2 million of new orders received since April 2023 (for total orders during the First Half of GBP6.5 million). This trend has continued with a new contract worth AUD$1.2 million over 12 months secured in early July.
Chief Executive Officer, Philip Walker commented: "Positive trading momentum has been maintained during the period, including the winning of several significant contracts and further EBITA growth. The successful integration of TAP has further broadened our rail customer base, diversified our offering and enhanced the Group's recurring revenues."
"We continue to focus on increasing revenues from software and technical services, and further bolstering our robust order book."
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Enquiries:
Pennant International Group www.pennantplc.co.uk plc Philip Walker, CEO David Clements, Commercial & Risk Director Michael Brinson, CFO +44 (0) 1452 714 914 WH Ireland Limited (Nomad and w ww.whirelandplc.com/capital-markets Broker) Mike Coe / Sarah Mather (Corporate Finance) +44 (0) 20 7220 1666 Fraser Marshall / George Krokos (Sales) Walbrook PR (Financial PR) pennant@walbrookpr.com Paul Vann +44 (0)20 7933 8780 Joe Walker Mob: +44 (0)7768 807631
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
TSTRLMATMTTBMBJ
(END) Dow Jones Newswires
July 19, 2023 02:00 ET (06:00 GMT)
1 Year Pennant Chart |
1 Month Pennant Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions