Record revenues of £20million at Gloucestershire firm
By James Young | 12th March 2019
Revenue broke through the £20million mark at Staverton-based Pennant International last year.
The technical training specialists, who are headquartered on the Staverton Technology Park, saw turnover rise to £21.06 million, up from £18.06 million in 2017.
The record turnover yielded an operating profit of £3.169 million an increase on £1.808 million in 2017.
Pennant provide defence, aerospace, and safety critical industries in UK and overseas and are an established supplier to the UK MoD.
In his statement alongside the accounts, chairman Simon Moore hailed a "record performance" for the year.
He said: "In these accounts, the Group is reporting a record performance for 2018, with full-year revenues and operating profits ahead of historic levels and in-line with market expectations.
"During the period under review, a number of key operational and strategic objectives have been achieved.
"Most notably the successful completion of two major Middle East contracts, the securing of other major contract awards across the business, several of which are with new customers, and the launch and subsequent sales of our innovative new training solutions."
Since the year end a further £2.1million has been raised a new share placing and the company have completed the purchase of the Aviation Skills Partnership - it's first acquisition since 1999.
Pennant have operations in the UK, USA, Canada and Australia.
In November, 2018 they announced a new Canadian government contract of £17million to supply its OmegaPS software for the Canadian Department of National Defence.
The new award extended their relationship with the Canadian DND into an 18th year, with the new deal set to expire in 2023.
Looking ahead, Moore said "Pennant is nimble, agile and responsive" to any risks and mitigations and said that its order book is approaching £40million.
"Our contracted order book, valued at more than £37 million, underpins good forward visibility of revenues well into 2021," he said,
"And, when combined with the pipeline of active bids and the acquisition of ASP, together provide an excellent basis for further achievement in 2019 and beyond."
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