Pennant Share Price (PEN)

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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	Shares Traded	Last Trade
	-1.50p	-1.23%	120.50p	19,119	08:22:48

Bid Price		Offer Price	High Price	Low Price	Open Price
118.00p		123.00p	123.00p	120.50p	123.00p

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Software & Computer Services	18.07	1.81	4.65	25.9	40.6

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Pennant (PEN) Latest News (4)

Pennant News

Date	Time	Source	Headline
21/1/2019	07:26	ALNCF	Alliance News Flash Headline
21/1/2019	07:00	UKREG	Pennant International Group PLC Trading Update
18/12/2018	16:48	UKREG	Pennant International Group PLC Holding(s) in Company
12/11/2018	15:36	UKREG	Pennant International Group PLC Holding in Company
08/11/2018	14:26	ALNC	Pennant International Wins Contract From Canadian Government
08/11/2018	10:31	UKREG	Pennant International Group PLC Major New Contract Award & Contracts Update
16/10/2018	09:15	UKREG	Pennant International Group PLC Holdings in Company
15/10/2018	16:32	UKREG	Pennant International Group PLC Holdings in Company
12/10/2018	14:31	UKREG	Pennant International Group PLC Holdings in Company
10/10/2018	06:00	UKREG	Pennant International Group PLC Exercise of Share Options & Total Voting..

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Pennant (PEN) Discussions and Chat

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Date	Time	Title	Posts
21/1/2019	08:23	PENNANT INT. ; A BARGIN BUY + BIG DIVIDEND	899
22/3/2011	07:53	Pennant with Charts & News	7
11/1/2011	15:19	Wanted all Pennants and Flags (please post the ticker or better still picture)	2
13/2/2010	15:04	PENNANT...an undervalued play.	303
09/2/2009	23:38	@@@PENNANT BEING RAMPED@@@	29

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Pennant (PEN) Most Recent Trades

Trade Time	Trade Price	Trade Size	Trade Value	Trade Type
08:22:21	120.00	8,637	10,364.40	O
08:06:53	125.00	3,000	3,750.00	O
08:06:27	120.30	4,000	4,812.00	O
08:02:57	121.56	3,482	4,232.72	O

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Pennant (PEN) Top Chat Posts

Date	Subject
21/1/2019 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 122p. Pennant Int. has a 4 week average price of 112.50p and a 12 week average price of 108p. The 1 year high share price is 154.50p while the 1 year low share price is currently 74p. There are currently 33,703,533 shares in issue and the average daily traded volume is 10,482 shares. The market capitalisation of Pennant Int. is £40,612,757.27. Read Full Thread Reply
28/9/2018 16:04	hastings: Had the chance to read Mr Thompson's lengthy piece and very good it is too. My more modest offering may also be of some interest to others. I have also popped a link to my previous piece earlier in the year. Pennant International delivered some very positive interim results earlier this week which set the defence/aerospace focused company well on course to meet the full year guidance. Once more I have been fortunate enough to catch up with CEO Phil Walker for a few words who was able to expand on some of the highlights for the company along with expectations going forward. The numbers reported painted a positive picture, as revenue jumped 38% to £13.2m which in turn saw pre-tax profits up 125% to £2.1m resulting in fully diluted EPS of 5.62p. Walker was understandably pleased with these interim results which have been achieved as the company embarked on a number of strategic changes. The CEO says that its recent expansion programme continues, which will soon see the company further its capacity resulting in a quadrupling of where it was at a few years back. He also highlights the nature of further investment in personnel, infrastructure and facilities, including major and senior operational appointments, along with the purchase of an additional freehold property. The headcount Walker says is now up to 200, with 140 based in the UK whilst the remainder is split between Australia and Canada and the company is still actively recruiting. Alongside some more sizeable business Pennant has also benefited from a number of smaller contracts which have been achieved in various areas of its expanded operations. Milestone and final payments on contracts have also come through as expected, particularly from the Middle Eastern clients which has assisted in positive cash generation. Looking ahead Walker sounds a confident note on prospects, particularly in relation to the two previously named potential contracts, one of which would be worth between £25-£30m to Pennant. Although always difficult to pin point exactly, the CEO is hoping that confirmation on one or both of the these sizeable contracts will be concluded by the end of Q4, adding that just one of these would underpin the WH Ireland estimate for next year and provide for £21m in revenue and a pre-tax profit of £3.65m. But, given the strength of its pipeline and the obvious activity, it is conceivable that Pennant will win additional business too that could then pave the way for an upgrade on the current 2019 EPS of 10p. Walker says that the climate remains positive particularly in Australia alongside the UK and although the Middle East spend has been dictated largely by the oil price performance, long term the region remains very positive. The dilemma in all this that Pennant seemingly faces at the end of the current financial year is whether to reinstate a dividend or not, where WH Ireland has pencilled in a 2p full year payment. Walker adds it should be interesting come that time, as the company is weighing up the balance of rewarding shareholders with a dividend or holding back its much improved cash position for working capital given the momentum that has been built and the opportunities that exist. No doubt shareholders will be divided on this issue, but from this writers perspective I would rather the Pennant board hold back on the dividend to maximise its growth prospects that appear to be strong. It is certainly a different business than when I first took a look and the recent strengthening of its board has clearly further assisted, such as the appointment of a new FD and the drafting in of John Ponsonby (previously MD Leonardo Helicopters UK) as a non exec. Pennant as I have also penned before is a very much respected player in the industry which although niche, operates in areas where there is an extremely high barrier to entry, particularly regarding its safety and training systems. Rail is also providing an additional boost for the company where although having been active in the sector for twenty years and built up a good pedigree, recent work for Network Rail and openings on H2 suggests there is scope for growth. And on growth, Pennant has achieved this through organic means, despite the company being open to making future acquisitions if they are the right fit. WH Ireland has today upped its fair value of the company moving to £1.45p from £1.37p although does add that it sees a significantly greater value opportunity assuming contract conversions. Although nothing can of course be taken for granted, Walker and his team sound bullish enough on prospects and it would appear to be purely a matter of timing before it can confirm one or both of the recently referred to contracts, which would most likely provide for another lift in the share price. To recap, these relate to the Middle East- “Letter of Intent” announced earlier in the year, and the provisional “Down-Selection” on a major programme from August. Both of these potential contracts would more than double Pennant's 3-year order book from £31m as noted 06/18, to around £70m, which would open the door to longer-term forecasts and the possible upgrades. The shares currently stand on a forward PER of 12 at today's price of £1.20p which doesn't look expensive if you believe the business will come through as expected. There is of course an execution risk, which obviously has to be taken on board and that may deter some from buying in at current levels, whilst those sitting on a decent profit may wish to install a stop, should the price begin to drift. That said, the team have a busy few days in the City doing the rounds where it appears the company is enjoying plenty of support for its recent strategy for growth. The balance sheet is looking as good as it has in a long time, with no debt and net cash expected to come out at £3.1m rising to £4.5m next year. Key customers are blue chip players such as BAE Systems, Lockheed, General Dynamics amongst others such as HMRC and ADO (Australian Defence Organisation). Https://www.cambridge-news.co.uk/business/time-invest-defence-aerospace-business-14411939 Read Full Thread Follow Reply
11/9/2017 08:02	spreadsheetsteve: Yes, big fall in share price. Cash generation, or lack of, might also be an issue. Read Full Thread Follow Reply
11/9/2017 07:11	gengulphus: Agreed, apart from the delay to revenues from the "UK Contract" and the consequential "broadly in line with current market expectations" guidance about profits for this year. And judging by what's happening to the share price, those seem to be the aspects the market is picking up on... :-( Gengulphus Read Full Thread Follow Reply
02/8/2017 15:44	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 Read Full Thread Follow Reply
21/6/2017 16:27	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 Read Full Thread Follow Reply
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 Read Full Thread Follow Reply
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 Read Full Thread Follow Reply
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. Read Full Thread Follow Reply
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. Read Full Thread Follow Reply
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. Read Full Thread Follow Reply

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