19th Jul 2019 11:34
(Alliance News) - Technical training equipment firm Pennant International PLC said Friday it acquired train infrastructure and training services company Track Access Services Ltd for GBP100,000 in cash.
AIM-listed Pennant said the move was part of its "continuing strategic expansion" by strengthening its civilian sector offer. Track Access provides safety-critical services to train firms, including driver training, survey services and subscription-based route mapping services.
In 2019, Pennant said Track Access is expected to generate GBP230,000 in revenue. In 2018, Pennant generated GBP3.2 million pretax profit on revenue of GBP21.1 million.
"Pennant already has over 45 years' experience of working with rail industry partners and we see the sector as an important area for future growth," Pennant Chief Executive Officer Phil Walker said.
"We are therefore delighted to welcome the TAS team as an exciting new addition to the group, which significantly enhances our capabilities in the rail sector and aligns with the group's strategy of diversifying into non-defence markets and increasing our services offering," Walker added.
Shares in Pennant were 0.4% lower at 87.15 pence in London on Friday.
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