(Alliance News) - Pennant International Group PLC on Wednesday named Ian Dighe as chair designate, and released an upbeat trading update.
The Cheltenham, England-based company expects to report revenue of GBP15.5 million for 2023, up from GBP13.7 million in 2022.
Pennant, which provides training technologies and product support for various industries including defence and aerospace, also said its gross margin rose from 42% to a "record" 50%.
Adjusted earnings before interest, tax, depreciation and amortisation increased to GBP2.2 million from GBP1.1 million.
Pennant's net debt, meanwhile, grew during the year to GBP1.9 million at December 31 from about GBP400,000 at the same time in 2022. However, it said post year-end receipts resulted in around GBP300,000 in net cash during the week of January 15.
Also on Wednesday, Pennant announced the appointment of Ian Dighe as its chair designate.
Incumbent Phil Cotton, who intends to remain on the board as an independent non-executive, will step down from the role at the next annual general meeting, which Pennant expects to hold in May.
Dighe was a co-founder of Bridgewell Group PLC, and served as chair of Miton Group PLC from February 2011 to December 2017. Currently, he is chair of The Investment Co PLC and an independent director at Seneca Growth Capital VCT PLC.
"The board is very pleased with the group's positive, and improving, trading performance," remarked Chief Executive Officer Philip Walker. "The results, which include a return to operating profit and a record gross margin of 50%, are strong indicators that Pennant's growth strategy is delivering.
"However, there is much still to do as we head into the next phase, and we are therefore delighted to welcome Ian, whose appointment will further strengthen the board as we move forward."
Pennant intends to announce its full-year results in April.
Shares in the company were trading 5.4% lower at 32.65 pence in London on Wednesday morning. Over the past 12 months, Pennant is up 15%.
By Emma Curzon, Alliance News reporter
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