Pennant International half-year loss widens amid increased costs

(Alliance News) - Pennant International Group PLC on Monday said its revenue has risen in the first half of 2024, but its loss widened as costs rose.

The Cheltenham, England-based systems support, technical services and training company said revenue for the six months to June 30 was GBP7.4 million, up 4.2% on-year from GBP7.1 million. However, the company's pretax loss widened to GBP419,000 from GBP375,000 at the same time last year.

Adjusted earnings before interest, taxation and amortisation remained flat on-year at GBP600,000.

Chair Ian Dighe said: "I am pleased to report that the group has maintained positive earnings before interest, taxation and amortisation for the first half. We remain firm in our strategic direction, and with the impending launch of our Auxilium software suite, we believe we are well-placed to deliver growth. The necessary restructuring of the group's training systems business will allow us to focus on longer-term opportunities for our software, systems and services offerings in the defence space and beyond."

The company expects to meet full-year market expectations, with contracted annual revenue of around GBP13 million. It said it has a "high level of confidence" in generating revenue of GBP500,000 or more in its fourth-quarter.

Shares in Pennant were down 7.9% at 24.87 pence each in London on Monday afternoon.

By Emily Parsons, Alliance News reporter

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