12th Mar 2019 11:49
LONDON (Alliance News) - Technical training firm Pennant International Group PLC said on Tuesday that 2018 was a "year of delivery with significant progress", with growth in both profit and revenue.
For the year, pretax profit was GBP3.2 million from GBP1.8 million the year before, as revenue grew by 17% to GBP21.1 million from GBP18.1 million.
Profit was helped by a reduction in administrative costs to GBP5.1 million from GBP5.4 million.
Revenue growth was driven by a strong performance on its two major contracts in the Middle East signed in 2016, for the delivery of training aids.
In addition, there was an extension on Pennant's Omega PS contract with the Australian Defence Organisation, the completion of the first tranche of devices on the Qatar contract and additional orders from Network Rail.
Pennant International's order book as at December 31 stood at GBP37 million, of which GBP19 million of revenue is scheduled for recognition within one year.
In 2019, Pennant expects its performance to be significantly weighted towards the second half due to the mix of products and implementation of the IFRS 15 accounting standard.
"During the period, a number of key operational and strategic objectives were achieved, most notably the successful completion of two major Middle East contracts, the securing of other major contract awards across the business, several of which are with new customers, and the launch and subsequent sales of our innovative new training solutions," said Chair Simon Moore.
Shares in Pennant International were up 0.5% at 112.00 pence on Tuesday.
Related Shares:
Pennant International