22nd Jan 2015 09:10
LONDON (Alliance News) - Pennant International Group PLC on Thursday said it expects its reported pretax profit for the year to be ahead of market expectations due to tax refunds.
The logistics company said it expects its reported pretax profit for the year to December 31 to be significantly ahead of market expectations after the group successfully made claims on research and development qualifying expenditure for its 2012 and 2013 financial years. That resulted in a cash refund of GBP645,000 for the year and an increase in allowable tax losses carried forward to GBP833,000.
As a result of the claims, including another related to the year to December which is due to be submitted, the company will now pay no tax for 2014 and will recognised a tax credit for the year.
The group said its underlying pretax profit will be in line with market expectations, with underlying revenue to be slightly below expectations.
Pennant said it has completed a review of its property portfolio and said it has taken the decision to restate tangible fixed assets at December 31, resulting an uplift of GBP1.1 million in value of its net assets at year-end.
Pennant shares were up 9.0% to 90.97 pence on Thursday morning, one of the best performers in the London Main Market.
By Sam Unsted; [email protected]; @SamUAtAlliance
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