Firm raises nearly £2m in a matter of hours
By Andrew Merrell | 1st February 2019
If cash-flow is king a Gloucestershire headquartered engineering firm must feel like it rules outright after a bid to raise funds netted it £1.8 million in a day.
A specialist in technical solutions for training the next generation of defence and aerospace engineers the business could well teach everyone a thing or two about winning investment too.
Pennant International Group, which has its headquartered in Cheltenham, had its eyes on Aviation Skills Partnership, and had struck a deal with its owner, Simon Witts.
According to figures released by Pennant to potential investors Aviation Skills Partnership boasts a turnover of £398,000, net profit of £27,000 and net assets of £151,000 and in the current tax year expects to generate £175,000 of profit (before tax).
The pressing matter of the purchase price for the London-based company was settled in a matter of hours by a share issue on the AIM market (where Pennant is already listed) at a minimal discount.
Matters were no doubt helped by a trading statement just days before for the year ending December 31, 2017, which showed Pennant itself 'on track' to deliver in line with market expectations.
It expected revenues to be in the region of £21 million, earnings before interest, taxation and amortisation to be £3.3 million, has £2 million in cash and a three-year order book at year-end of more than £37 million.
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