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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 Shares Traded Last Trade
  -1.00 -3.23% 30.00 13,641 08:00:00
Bid Price Offer Price High Price Low Price Open Price
29.00 31.00 30.00 30.00 30.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 15.06 -3.14 -7.22 11
Last Trade Time Trade Type Trade Size Trade Price Currency
10:01:13 O 3,236 30.90 GBX

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Posted at 01/10/2022 09:20 by Pennant Daily Update
Pennant International Group Plc is listed in the Software & Computer Services sector of the London Stock Exchange with ticker PEN. The last closing price for Pennant was 31p.
Pennant International Group Plc has a 4 week average price of 29p and a 12 week average price of 29p.
The 1 year high share price is 40.50p while the 1 year low share price is currently 28.50p.
There are currently 36,790,447 shares in issue and the average daily traded volume is 19,445 shares. The market capitalisation of Pennant International Group Plc is £11,037,134.10.
Posted at 22/9/2022 08:59 by 40 fathoms
For what it is worth, WH Ireland put out an updated note after the yesterday's interims For this year (2022) they have EBITDA of GBP 1 million and GBP 1.8 million for 2023. So, on that basis and I think next year's revenue number is probably undercooked, we are trading at @11x this year and 5.5x next. They also have PEN at 200k net cash at end of this year and 2.1 million at the end of next year. To put that into context if you took that 2023 net cash number and added the remaining debt free property value you get half the current market cap. To hit the WH Ireland revenue numbers for next year (16.5million) they need to convert and deliver @GBP 4 million from their GBP 50 million pipeline, as they already have GBP 12.5 million contracted for 2023, given the market outlook and commentary that does not seem like too much of a stretch over the next 15 months.
Posted at 21/9/2022 07:17 by masurenguy
Interim Results for the six months ended 30 June 2022 Return to positive EBITA; business mix transformed; significant gross margin improvement Pennant International Group plc (AIM: PEN) ("Pennant", the "Group" or "Company"), a leading global provider of training technology and integrated product support solutions, announces its Interim Results for the six months ended 30 June 2022 (the "First Half", the "Period", or "H1 2022"). Commenting on the results, Chairman John Ponsonby said: "I am pleased to report that the Period saw the Group return to positive earnings before interest, taxation and amortisation as gross margin significantly improved and costs remained under tight control. As a result of management's continued efforts to deliver the Group's strategy, we now have a leaner, more streamlined organisation, with an increasing proportion of recurring revenues from software and services, providing greater forward visibility and a solid platform from which to grow the business and enhance shareholder value." Key points: Financial -- oup revenues for the Period of GBP6.9 million (H1 2021: GBP 7.4 million) of which circa 65% were recurring (H1 2021: 53% recurring); -- 52% of revenues generated from software licensing and associated activities (H1 2021: 35%); -- Gross margin doubles to 41% (H1 2021: 21%); -- EBITA profit of GBP0.1 million (H1 2021: EBITA loss of GBP1.0 million); -- EBITDA profit of GBP0.4 million (H1 2021: EBITDA loss of GBP0.7 million); -- Loss before tax of GBP0.8 million (H1 2021: loss before tax of GBP1.7 million); -- Net debt at Period end of GBP4.1 million (H1 2021: net debt of GBP1.9 million); -- Trade and other receivables due at Period end of GBP5.1 million (H1 2021: GBP3.7 million); -- Basic loss of (2.21)p per share (H1 2021: basic loss per share of (4.64)p per share); -- Unrelieved tax losses of GBP6.7 million carried forward (H1 2021: GBP4.5 million carried forward); -- Three-year order book at Period end stood at GBP27 million (H1 2021: GBP26 million). Key points: Operational -- Secured the 'Major Programme' a contract from Boeing Defence UK Limited for the upgrade of Apache training equipment, worth GBP8.8 million over three years. -- Following contract award, successfully passed the initial engineering milestone event on the Apache upgrade programme. -- Factory acceptance achieved on the UK Helicopter programme (overall contract value: GBP3.5 million), with the training device delivered to the end user's site post Period end. -- A second software and services order secured in the commercial aerospace sector (overall order value: USD$1.7 million), a key target market for the Group's IPS business line. -- evelopment work completed on prototype simulator for rail infrastructure organisation which is intended to be rolled out to numerous sites in the future. Post Period end highlights: -- First 'Launch Partner' to participate in programme of testing and product promotion for new GenS product signed in Australasia. -- Circa GBP1 million of orders for software and equipment upgrades received across July and August, taking orders received during 2022 to approximately GBP12 million. -- GD MTE programme almost complete - all four devices have been built and achieved factory acceptance - and will be finished before year-end. -- Surplus freehold site (Pennant Court) sold in August for GBP2.1 million with proceeds used to paydown borrowings (reduced to GBP2 million as at 20 September 2022).
Posted at 06/8/2022 01:19 by 40 fathoms
I think the question of too early comes down to your view on two factors. Firstly, when will General Dynamics settle their outstanding invoices. The amount outstanding is the difference between the company being in a comfortable net cash position or @ 2 million in debt. In theory these should be settled before the end of this financial year and this will close out what has been a disastrous fixed price contract that was signed in 2012/2013 (under previous management). The second factor is can they maintain the progress towards building recurring revenue/ software sales with its much higher associated margins. For what it is worth the house broker WH Ireland put out a 24 page report a couple of days ago highlighting the transition in the business. They have the business on 9.2x next year. I think that undercooks the number. This seems inexpensive for a business that will have 60% to 70% of its revenue from recurring sources and will be net cash to the tune of 15% of current market cap, by the end of 2023. Probably also worth keeping in mind that they have more unencumbered real estate to a value of @ 3.5 million, that could/ might be sold. On the basis of the house brokers numbers, at the end of FY23 real estate and net cash would equal 50% of current market cap. The one uncertainty to keep in mind is the renewal, in early 2024, of the software contract with the Canadian Department of National Defence. There is a high probability of an additional multi year contract but this is of significant value so worth watching. They have held this contract for 22 years and are likely to be the only qualified bidder but even if they are not their new GenS product is the most advanced in the market.
Posted at 03/8/2022 08:53 by masurenguy
Sale of Pennant Court Pennant International Group announces that it has exchanged contracts for the sale of its facility known as Pennant Court. With the Group's increasing software focus and reduced reliance on resource-intensive hardware engineering activities, earlier this year the Board commissioned a comprehensive review of the Group's UK facilities. Recognising a reduced requirement for space at its Cheltenham operating sites, the Board decided to market for sale the Group's former Cheltenham head office, Pennant Court. Completion is scheduled for 19 August 2022. Pennant has not entered into any leaseback arrangement in relation to any part of the property and will vacate the site entirely upon completion. The sale price is £2.1m (plus VAT), which will be payable in full, in cash on completion. After transaction expenses, the sale is expected to realise a profit of £0.2m. The Board considers that the sale price fairly reflects Pennant Court's market value. The sale proceeds will be used to reduce the Group's overdraft, which currently stands at circa £4.2m overdrawn (against a temporary limit of £5m) such that immediately after the sale, the Group expects to be around £2.1m overdrawn against an updated limit of £3m (adjusted for the release of the asset from the bank's security package). The Group expects to realise savings of circa £0.2m pa in respect of running costs related to Pennant Court. The Group will also terminate its office lease in Stevenage this month and is in the early stages of negotiations to surrender another leased premises. The Group will continue to have sufficient facilities to service its order book and pipeline opportunities with 30,000 square feet of retained facilities in Cheltenham alone.
Posted at 22/7/2022 17:10 by hybrasil
Excuse me What happened to the share price?
Posted at 11/6/2022 04:11 by 40 fathoms
Given the market backdrop of late, Pennant's positive share price performance would seem to suggest that the market is starting to appreciate the very significant underlying changes that are taking place in the structure of its underlying business. That said I am not sure the full extent of the transformation is widely understood yet and it is certainly not captured in WH Ireland's research output. On a run rate basis by the end of this year more than 60% of revenue will come from the Software offering, of which the vast majority is under multi year contracts and more than 50% will come from recurring services. These numbers will only grow from that point and the enjoy at minimum 20% gross margin pick up when compared to its traditional training offering. Additionally, the business will also be debt free and strongly cashflow positive providing them with firepower for both organic and inorganic investment. There is no reason at all that in three years time the business can not be doing revenue of @£22 million with gross margins of 50% and net profit somewhere in the region of £5 million .... todays market cap is less than £15 million.
Posted at 25/5/2022 17:33 by boystown
And there it is; Simon T .... Last two paras.... The disposal of the Cheltenham property alone will wipe a further £0.25mn of annual overheads, adding further weight to WH Ireland’s forecast that pre-tax profit will rise to £1mn on revenue of £18mn in 2023. Reassuringly, Pennant already has £12.9mn of orders booked for delivery in 2023. It’s worth noting, too, that £6.7mn of unused tax losses will benefit future taxable profits and accelerate the earnings recovery. Pennant’s share price has risen five per cent since my last buy call (‘Pennant̵7;s recovery on track’, 25 January 2022), highlighting strength relative to the FTSE Aim All-Share Total Return index which has lost 12 per cent of its value in the same four-month period. Expect the outperformance to continue. In fact, if contract momentum continues to build, as seems highly likely, then Pennant could even move into an earnings upgrade cycle, a possibility that is certainly not embedded in the group’s modest £13.5mn market capitalisation nor a 2023 price/earnings (PE) ratio of 14. Buy.
Posted at 23/3/2022 08:02 by hastings
Echo your thoughts 40 Fathoms. From WH Ireland this morning, where I note forecasts left unchanged, for the time being! Following yesterday’s update from PEN highlighting the return to profit in H2-21, we note that the company has now been named as a key supplier by Boeing, in connection with the “Major Programme” which the company had previously highlighted. The announcement was made by the Minister of Defence Procurement, Jeremy Quinn, and aligns with the company’s announcement on December 3rd which highlighted potential for a c£9m contract with a major OEM in the course of Q1-22. We anticipate that this will be spread over three years, as suggested in PEN’s earlier update. This is exciting news, and brings clarity to a long-running negotiation. PEN will supply simulated training systems as part of the overall contract announced this morning by Boeing, which has agreed terms with the UK’s Ministry of Defence to supply long-term “training, support and sustainment” to the new 50 Apache AH-64E helicopter fleet of the British Army. Notably PEN will supply Part-Task trainers, providing well-established, sophisticated and proven technology, hence enabling robust and effective maintenance of the new fleet. WHI view: Providing software and analytical services in parallel with highly technical engineering simulations, PEN is in our view ideally placed to support its clients’ evolving requirements, while remaining mainly focused on training and asset maintenance. Yesterday’s update from the company highlighted the progress of PEN’s software division, which experienced strong demand in FY2021. Against this backdrop, we view the Boeing contract as a major affirmation of the company’s skill-sets and as supporting a strong platform for the future. With a £22m order book as announced yesterday, this morning’s announcement increases the visibility materially and is highly supportive of forecasts, which we leave unchanged for the time being.
Posted at 25/1/2022 16:34 by value hound
Retipped by Simon Thompson today; Pennant (PEN:35p), an Aim-traded supplier of products and services that train and assist engineers in the defence and civilian sectors, has been named as a key supplier by Boeing in connection with the “Major Programme” the UK company had highlighted in early December. Analysts at brokerage WH Ireland expect that the £9m contract will be spread over three years. Pennant will supply simulated training systems for the British Army’s new 50 Apache AH-64E helicopter fleet as part of Boeing’s contract with the UK’s Ministry of Defence. In a pre-close trading update the previous day, Pennant had revealed that £10m of its £22m contracted order book is scheduled for delivery in 2022, so the additional Boeing contract increases revenue visibility materially – WH Ireland forecast annual revenue of £17m and pre-tax profit of £0.6m in 2022, reversing a £0.6m expected loss in 2021. In addition, a software and analytical services contract with a new customer in the commercial aviation sector has now been signed off and will contribute to the 2022 result. It will contribute revenue of US$1.1m (£0.8m) in its first year. The group’s software division accounted for well over a third of Pennant’s revenue last year and is reaping the benefits of cross-selling opportunities across an enlarged client base. The shares have started to make headway from the 30p level when I highlighted the potential for an earnings recovery (‘An undervalued micro-cap on the road to recovery’, 22 September 2021). If the contract momentum continues to build, as I expect it will, then expect earnings upgrades to follow. Importantly, unrealised tax losses of £4.5m carried forward will benefit future taxable profits to accelerate the earnings recovery for the £12.5m market capitalisation company, while net debt of £3.6m is set to be slashed when a £2m cash milestone on a legacy contract is invoiced in the first half of this year. Buy.
Posted at 22/1/2022 02:46 by ohisay
(Alliance News) - Pennant International Group PLC said on Friday it has been named as a key supplier by Boeing Defence United Kingdom Ltd. The Cheltenham, England-based training technology and product support provider is finalising a long-term deal with Boeing to service the UK's new Apache helicopter fleet. Pennant will deliver several new and upgraded part-task trainers compatible with the fleet. The award is expected "imminently". Pennant's share price rose by 23% to 39.90 pence in London on Friday. The good news for Pennant comes a day after it warned a software and services contract with a new, unnamed customer in the commercial aviation sector was "slightly delayed". The company had said the contract in question will be worth USD1.1 million in the first year, and USD1.8 million overall.
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