Pennant International Group plc, the Gloucester company which trains people in the defence and regulated civilian sectors, has reported revenues of around £16 million.
While the company said that trading had improved in the second half of last year, this represents a low of around £0.6 million. However the company also said that it has a three-year order book at year-end of £22 million, of which £10 million is scheduled for delivery in 2022.
Pennant Group CEO, Phil Walker said: “2021 was a challenging year for Pennant given the continued impact of the Covid-19 pandemic on our business sector and the wider global economy.
“It is therefore pleasing that momentum has started to build again in our core product offerings and pipeline of new business. The Group continues to focus on its strategic objective of increasing the proportion of revenues which derive from software and services which is intended to deliver significant growth over the medium-term.
“Bid activity is increasing across the Group, and the Board remains very confident of the award of the ‘Major Programme’ within the first quarter of the year.
“The Group remains well placed to capture the many opportunities which lie ahead and accordingly, the Board views prospects for 2022 with increasing confidence and looks forward to reporting a significantly improved performance for the current year.”
Pennant International Limited, which now employs around 200 people in the UK, was established in 1958. The company has evolved over the past six decades, from modest beginnings into a market-leading, technology-led business with a truly global customer base. From animated displays using patented light systems to today’s sophisticated software training systems, one early project included working with Sir Christopher Cockerell to produce prototype designs of the world’s first Hovercraft.
In 1965 Pennant took the decision to embrace emerging technologies which opened up new markets in education and training. These developments resulted in substantial growth for Pennant, with demand for procedural and maintenance trainers for civil and military equipment. The company won progressively larger contracts producing ever more sophisticated software solutions including emulations and the Omega PS LSAR software.
Since 1996 the Group has been listed on the London Stock Exchange’s AIM market, and today operates globally as a firmly established world leading supplier of solutions from IPS to training products and services, supported by a creative, innovative and highly trained team.