24th Sep 2018 09:26
LONDON (Alliance News) - Technical training equipment firm Pennant International Group PLC said Monday its interim profit and revenue jumped and trading remains in line for the full year with a solid order book.
For the six months ended June 30, pretax profit doubled to GBP2.0 million from GBP935,353 the year prior. This was after revenue rose 38% to GBP13.2 million from GBP9.6 million the year before.
Pennant does not pay a dividend but has kept it under "continual review" according to performance and investment needs.
"We continue to deliver valued products and services to our customer base of global companies and national governments and these well-established, long-term relationships continue to provide the solid foundation for future growth", Chairman Simon Moore said.
"Implementation of the group's strategy is progressing well under the leadership of Phil Walker and the recently formed executive team," Moore added. "We continue to invest in product development and infrastructure to enhance our offering and improve our capacity and capabilities, while actively pursuing a number of promising opportunities for new work."
"The board remains focused on continuing to deliver 'on target' results, increased earnings, good cash generation and a robust balance sheet, thereby further increasing shareholder value", Moore said.
Moore expects its trading for 2018 to be "in line" with current market expectations.
"With a contracted order book of GBP31 million scheduled for delivery over the next three years, together with a pipeline of potential opportunities valued at over GBP100 million in aggregate, the board is confident about the group's prospects for the future," Moore concluded.
The year prior, the three-year order book stood at GBP35 million.
Shares in Pennant were 2.4% higher at 125.90 pence on Monday.
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