Year-end Trading Update

RNS Number : 2390P
Pennant International Group PLC
08 February 2023
 

FOR IMMEDIATE RELEASE                                                                                                8 February 2023

 

Pennant has a new look!

PENNANT INTERNATIONAL GROUP PLC

Trading Update

 

Pennant International Group plc (AIM: PEN) (the "Company", the "Group"), a leading global provider of training technology and integrated product support solutions, provides the following trading update ahead of publication of the Company's full-year results for the year ended 31 December 2022 ("FY22") which it expects to announce during April 2023.

 

A preliminary unaudited assessment of the Group's trading for FY22 indicates:

 

revenues of circa £13.7 million (2021: £16.0 million);

record gross margin of 42% (2021: 27%);

•     earnings before interest, taxation and amortisation of circa £0.5 million (2021: loss before interest, taxation and amortisation of circa £0.8 million);

net debt at year-end of £0.4 million (2021: net debt of £3.5 million);

three-year order book at year-end of £25 million (2021: £22 million), of which £13 million is scheduled for delivery in 2023.

 

Phil Walker, Group CEO , commented: "This is now the third consecutive trading period for which we have reported positive EBITA[i]. The Group's net debt position materially improved during the second half of 2022 and with a re-aligned cost base, much-improved gross margins and a healthy contracted order book, the Group has entered 2023 with a real sense of momentum."

 

i - six months ended 31 December 2021, six months ended 30 June 2022, six months ended 31 December 2022.

 

 

 

Enquiries:

 

Pennant International Group plc

www.pennantplc.co.uk

Philip Walker, CEO

David Clements, Commercial & Risk Director 

+44 (0) 1452 714 914



WH Ireland Limited (Nomad and Broker)

  https://www.whirelandplc.com/capital-markets

Mike Coe

Sarah Mather

+44 (0) 20 7220 1666



Walbrook PR (Financial PR)

paul.vann@walbrookpr.com

Paul Vann /  Tom Cooper /Joe Walker

+44 (0)20 7933 8780

Mob: +44 (0)7768 807631

 

 

 

 

 

 

 

 

 



 

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