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Gloucestershire Business News

Pennant reports 'year of two halves'

Staverton-based Pennant International has revealed a challenging year for the business with the pandemic having a significant impact on revenues.

The firm, which supplies training equipment for the military and regulated civilian sector, posted group revenues of £15.1million for the 12 months to December, down from £20.4million in the previous year.

Consolidated losses before tax widened to £3.1million, from the £1.9million loss in 2019, blamed on significant non-underlying costs.

 Pennant chairman Simon Moore said the group's performance materially improved in the second half, producing underlying EBITA profit of £1million for the six months to December 31.

He said: "During this challenging period we have built resilience into the business and have continued to deliver on the critical strategic objective of increasing the visibility and recurrence of earnings, especially those derived from software and services.

"With our contracted three-year order book, valued at more than £31million coupled with our active pipeline of opportunities, the board is confident that the group's underlying strengths will continue to provide a solid foundation for the group's continuing recovery and long-term success."

Pennant acquired Absolute Data Group Pty Ltd during the year which it hopes will add high-margin software product and recurring services revenues to the group.

Chief executive Philip Walker saidd: "It's been a year of two halves. Challenging trading conditions has evolved a more efficient business and the successful acquisition and integration of ADG has been strategically important".

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