Cheltenham-based Pennant International Group has reported rising revenues and a return to operating profit.

The IPS software and services company has provided a trading update ahead of the publication of the company's full-year results for the year ended 31 December 2023, which are scheduled to be announced in April.

The preliminary unaudited assessment of the group's trading for FY23 indicates:group revenues of £15.5 million (2022: £13.7 million); gross margin of 50%, a record for the group (2022: 42%) and adjusted earnings before interest and tax (EBIT) of £0.4 million (2022: EBIT loss of £1.0 million).

Pennant has announced that Ian Dighé has been appointed to the board as an independent non-executive director and chair designate.

Phil Cotton will step down as chair at the company's next AGM which is expected to be held in May, to be succeeded by Ian.

Following the AGM, Phil Cotton will continue to serve on the board as an independent non-executive director.

Chief executive officer Philip Walker said: "The board is very pleased with the group's positive, and improving, trading performance.

"The results, which include a return to operating profit and a record gross margin of 50%, are strong indicators that Pennant's growth strategy is delivering.

"However, there is much still to do as we head into the next phase, and we are therefore delighted to welcome Ian, whose appointment will further strengthen the board as we move forward.

"I would also like to take this opportunity to thank Phil Cotton on behalf of the board for his valuable contribution as chair."