Gloucester based Pennant International reports first half trading “satisfactory”

Pennant General Dynamics Ajax

Pennant International Group plc, the Gloucester company which trains people in the defence and regulated civilian sectors, has reported “satisfactory trading” after predicting its group revenues for the six months to June this year at £7.4 million, up from £6.3 million in the same period last year, however it is still a loss of £1 million (down from £2.5 million last year).

In a statement, the company said: “The Group’s overall trading performance during the First Half was satisfactory, given the economic backdrop, with progress made across the majority of contracted programmes and with the cost savings implemented in prior periods starting to be realised.

Performance within its Integrated Product Support (“IPS”) division was strong with revenues of £2.6m, with the division tracking revenue of £5.8m for the full year, and several new customers and contracts secured.

In the Technical Training division, delivery of the UK Helicopter trainer programme and the Qatar contract was in line with or ahead of budget. The division’s technical services contracts in the UK and Australia also continued to perform well.

However, the Group’s H1 performance was significantly impacted by factors relating to its contract with General Dynamics for the Ajax training devices. Ajax is the next-generation of Armoured Fighting Vehicles (AFV).  Fully-digital and fully-integrated, it enables a soldier to ‘See First, Decide First, Act First’ on the modern battlefield.