19th Jan 2017 09:47
LONDON (Alliance News) - Pennant International Group PLC on Thursday said its results for 2016 will meet market expectations and said trading in the second half improved substantially.
Pennant, which provides logistics services to defence, rail, aerospace and naval clients, said it secured a number of new contracts over the course of the year, including a major new deal with US defence contractor Lockheed Martin Corp in addition to two big contracts in the Middle East.
The group also said it has moved to streamline its business and will rename Pennant Information Services Ltd as Pennant Support & Development Services Ltd, integrating its Information Services and Support Services units.
Pennant said its order book is "exceptional" and its balance sheet "healthy", leaving it confident on the outlook for 2017.
Shares in Pennant were down 2.1% to 83.75 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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