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Gloucestershire Business News

Revenue up £1m at aerospace company

A Staverton company with customers around the world has seen revenue increase by nearly £1 million on the previous year and prospects are looking good for the future.

Pennant, an aerospace defence and training company, has reported revenues of £18.07 million for the year to 31st December 2017, compared to £17.2 million in 2016. Profits have remained steady at £1.81 million.

Simon Moore, chairman of Pennant, said: "2017 has been a year of dynamic and transformational change for the group, led by new management, engaged staff and supportive customers. The management team is building strong and sustainable new partnerships with customers across the globe, including Australia, South East Asia, the Middle East, Canada and the United States."

Throughout 2017, the company has invested in people, product development and infrastructure to ensure Pennant achieves long-term growth. It has a number of big contracts, include training contracts with two Middle Eastern customers worth over £7 million and £6 million respectively.

The company is confident about the year ahead.

Simon Moore said: "Prospects for the global economy in 2018 remain uncertain and there are budgetary pressures in certain defence markets. However, Pennant is nimble, agile and responsive and so is well placed to maximise opportunities as the economic situation develops.

"We are experiencing an encouraging start to the current financial year. The contracted order book, valued at more than £34 million, underpins good forward visibility of revenues well into 2020."

Photo credit: Digital Globe, Getmapping plc, Infoterra Ltd & Bluesky

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