Positive trading update from Pennant
By David Wood | 20th July 2023
Staverton-based Pennant International Group plc has provided a 'positive' trading update for the past six months.
The IPS software and services company has given a preliminary unaudited assessment of the group's trading to June 30.
Revenues are set to rise to £7.1 million (H1 2022: £6.9 million) with earnings before interest, taxation and amortisation (EBITA) of £0.5 million (H1 2022: EBITA of £0.1 million).
Net debt at period end was £1.9 million (H1 2022: £4.1 million) while the three-year order book at period end was £25 million (H1 2022: £27 million).
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 £5.2 million of new orders received since April 2023 (for total orders during the first half of £6.5 million).
Chief executive officer Philip Walker said: "Positive trading momentum has been maintained during the period, including the winning of several significant contracts and further EBITA growth.
"The successful integration of Track Access Productions Ltd 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."
The company expects to publish its interim results on 27 September 2023.
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