Pennant International Group PLC Trading Update & Notice of Interim Results (4948G)
19 Julho 2023 - 3:00AM
UK Regulatory
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
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END
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