FOR IMMEDIATE RELEASE 8 February 2023
PENNANT INTERNATIONAL GROUP PLC
Trading Update
Pennant International Group plc (AIM: PEN) (the "Company", the "Group"), a leading global provider of training technology and integrated product support solutions, provides the following trading update ahead of publication of the Company's full-year results for the year ended 31 December 2022 ("FY22") which it expects to announce during April 2023.
A preliminary unaudited assessment of the Group's trading for FY22 indicates:
• revenues of circa £13.7 million (2021: £16.0 million);
• record gross margin of 42% (2021: 27%);
• earnings before interest, taxation and amortisation of circa £0.5 million (2021: loss before interest, taxation and amortisation of circa £0.8 million);
• net debt at year-end of £0.4 million (2021: net debt of £3.5 million);
• three-year order book at year-end of £25 million (2021: £22 million), of which £13 million is scheduled for delivery in 2023.
Phil Walker, Group CEO , commented: "This is now the third consecutive trading period for which we have reported positive EBITA[i]. The Group's net debt position materially improved during the second half of 2022 and with a re-aligned cost base, much-improved gross margins and a healthy contracted order book, the Group has entered 2023 with a real sense of momentum."
i - six months ended 31 December 2021, six months ended 30 June 2022, six months ended 31 December 2022.
Enquiries:
Pennant International Group plc |
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Philip Walker, CEO David Clements, Commercial & Risk Director |
+44 (0) 1452 714 914 |
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WH Ireland Limited (Nomad and Broker) |
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Mike Coe Sarah Mather |
+44 (0) 20 7220 1666 |
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Walbrook PR (Financial PR) |
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Paul Vann / Tom Cooper /Joe Walker |
+44 (0)20 7933 8780 Mob: +44 (0)7768 807631 |