13th Aug 2020 14:48
(Alliance News) - Pennant International Group PLC on Thursday said the delivery of its contracts have been interrupted by Covid-19 restrictions, impacting first-half results.
Pennant provides technology-based training systems to the defence, aerospace and rail industries, including simulators.
It expects a revenue of approximately GBP6.3 million for the six months ended June 30, down from GBP7.3 million a year prior.
Pennant International anticipates an underlying earning before interest, tax and amortisation loss of GBP2 million.
The Cheltenham, England-based company said delays in key meetings, the unavailability of relevant customer personnel, and the disruption and productivity impact of total remote working have delayed progress its engineered-to-order programmes.
Additionally, lockdowns have hindered the installation of Pennant training aids overseas.
Pennant International expects the effects of Covid-19 to carry over into the second half, with its turnover for all of 2020 to be around GBP14 million.
The company does however expect its financial performance to improve significantly over the second half.
Pennant International shares were down 7.7% at 36.00 pence each in London on Thursday afternoon.
By Greg Roxburgh; [email protected]
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