Cheltenham based Pennant fights back after challenging year

Pennant

Pennant International Group plc, the Staverton-based company which trains people in the defence and regulated civilian sectors, has reported group revenues down to £15.1 million, from 2019’s £20.4 million.

Pennant’s chairman, Simon Moore, said“2020 was a challenging year across the globe, with Covid-19 impacting innumerable economies, industries, livelihoods and lives.

“Pennant was certainly not immune to the pandemic’s effects and in the Group’s Interim Results statement published last September, I reported that the first half of the year had been challenging, with Covid-19 having a significant impact on revenues across the Group which resulted in an underlying EBITA loss of £2 million for the period.

“However, I am pleased to report that, as anticipated, the Group’s performance materially improved in the second half, to produce an underlying EBITA profit of £1 million for the six months ended 31 December 2020.”

He added: “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, not least through the acquisition of ADG.

“With our contracted three-year order book, valued at more than £31 million coupled with our active pipeline of opportunities, the Board is confident that the Group’s underlying strengths – our long-term customer relationships with governments and major OEMs, our specialist services and our quality-assured reputation – will continue to provide a solid foundation for the Group’s continuing recovery and  long-term success.”