8th Feb 2023 11:01
(Alliance News) - Pennant International Group PLC on Wednesday said it has swung to a profit in 2022, despite an annual decline in revenue.
Pennant shares were 14% higher at 32.40 pence each in London on Wednesday morning.
The Cheltenham, Gloucestershire-based training technology and product support provider said it turned to positive earnings before interest, tax, depreciation and amortisation of around GBP500,000, compared to negative Ebitda of GBP800,000 in 2021.
This is despite an anticipated 14% fall in revenue to GBP13.7 million from GBP16.0 million.
Chief Executive Officer Phil Walker added that Pennant enters 2023 "with a real sense of momentum", after re-aligning the cost base, improving gross margins, and recording a "healthy" contracted order book in 2022.
By Tom Budszus, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
Pennant International