28th Apr 2021 11:36
Pennant International Group PLC - London-based provider of aerospace training software - Reports revenue of GBP15.1 million for 2020, down 26% from GBP20.4 million in 2019, while pretax loss widens to GBP3.1 million from GBP1.6 million. Swings to a 2020 underlying earnings before interest, tax and amortisation loss of GBP1.0 million from an Ebita profit of GBP1.6 million in 2019. Says turnover was "significantly" impacted by Covid-19 in the first half of the year, but was underpinned by the continued delivery of the group's overseas services contracts.
"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. However, I am pleased to report that, as anticipated, the group's performance materially improved in the second half," says Chair Simon Moore.
Looking ahead, Pennant says it is confident that its underlying strengths will "continue to provide a solid foundation for recovery and long-term success".
Current stock price: 38.75 pence, down 12% on Wednesday
Year-to-date change: down 7.7%
By Zoe Wickens; [email protected]
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