10th Mar 2014 11:56
LONDON (Alliance News) - Pennant International Group PLC Monday reported an increase in profit and revenue for the full year, reflecting a particularly strong performance by its training systems division.
The company supplies integrates logistics support solutions, products and services primarily to the defence and rail sectors, and to government departments. It posted pretax profit of GBP2.2 million for 2013, up from GBP1.6 million in 2012, as revenue rose 29% to GBP18.7 million from GBP14.5 million a year earlier.
Pennat said its three main divisions - training systems, data services and software services - all performed well during the year.
Revenue for the training systems division rose 44% to GBP12.6 million from GBP8.7 million after it won a number of profitable contracts, including a GBP16 million deal to supply and support a suite of training aids from BAE systems Australia Ltd on behalf of the Australian Defence Force.
Th data services division saw revenue rise 6.1% to GBP2.95 million from GBP2.78 million. The company said the division is currently working with the training systems arm to provide software for its Parachute Flight Simulator for an unnamed "far-eastern customer".
In addition, revenue for the software services division rose 17% to GBP4.3 million, from GBP3.7 million, driven by increased consultancy revenues and new licence sales.
Basic earnings per share increased by 44% to 6.43 pence from 4.46 pence. Net cash stood at GBP1.2 million compared with GBP2.2 million a year earlier.
Looking ahead, the company said its current order book provides good visibility of revenues for 2014, and it is in discussions with prospective customers regarding a number of contacts.
The company declared a final dividend of 1.8 pence per share, up 29% from 1.4 pence, making a total dividend of 2.6 pence, up 30% from 2.0 pence in 2012.
The stock was trading at 90.75 pence Monday, down 2.25 pence or 2.4%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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