Cheltenham-headquartered Pennant International Limited, which helps train the next generation of engineers in defence and regulated civilian sectors around the world, has revealed a solid set of results for 2017.
The Group, which is listed on AIM, has grown through a combination of product expansion, customer development and acquisition, and has reported revenues up to close to £19 million from just over £17 million in 2016.
The Group exports its range of technical training solutions around the world to train the next generation of engineers in defence and regulated civilian sectors. Products and services include electrical and mechanical trainers, E-learning, Virtual Reality, Emulation, interactive Technical Documentation and Media Services and many more related skills and products.
Simon Moore, Pennant Chairman, 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, led by Phil Walker, is building new partnerships and further strengthening existing relationships with customers across the globe, including Australia, South East Asia, the Middle East, Canada and the United States. A key element of that transformation has been targeted investment throughout 2017 in people, product development and infrastructure to enable the Group to achieve long-term growth.
“It has also been important to ensure delivery in the short-term. In the Group’s Interim Results announcement, published on 11 September 2017, the Board highlighted a challenge on a major contract which had the potential to impact the Group’s trading negatively against market expectations for 2017. I am pleased that the Group was able to realise a number of opportunities to mitigate this risk during the final quarter, delivering revenue of £18.07 million and operating profit of £1.81 million for 2017.”
Pennant contracts include the ongoing production and delivery of training aids in fulfilment of a second phase contract with an undisclosed Middle Eastern customer worth in excess of £7 millio, the renewal of a ontract for logistical support at RNAS Yeovilton for a further five years, with gross revenues anticipated to be in the region of £1.25 million over the life of the contract, new contracts with Network Rail for control room simulators and a new contract with Kawasaki Heavy Industries in Japan in relation to the Thomson-East Coast Line (Singapore’s new mass rapid transport rail project).