Last checked at 19 Jul 2019 07:00
FOR IMMEDIATE RELEASE
RNS REACH 19 July 2019
PENNANT INTERNATIONAL GROUP PLC
Acquisition of Track Access Services
Well-established rail services business brings additional expertise and high-quality customer base to Pennant's rail sector portfolio
Pennant International Group plc ("Pennant" or the "Group") is pleased to announce that it has acquired the business of Track Access Services Limited ("TAS"). The acquisition is part of the Group's continuing strategic expansion and further strengthens Pennant's offering to civilian sectors.
Established in 2002, and based in Cambridgeshire, TAS provides safety-critical services to train operating companies and rail infrastructure providers. TAS's current capabilities include rail driver training, rail survey services, laser and video scanning, 3D track models, signal siting and a subscription-based route video and mapping service. Customers include Network Rail and DB Cargo.
The TAS business is expected to generate 2019 revenues of circa £230,000 (on an annualised basis). The consideration payable by Pennant for the acquisition was £100,000 (settled in cash on completion).
Phil Walker, Group Chief Executive of Pennant commented:
"Pennant already has over 45 years' experience of working with rail industry partners and we see the sector as an important area for future growth. We are therefore delighted to welcome the TAS team as an exciting new addition to the Group, which significantly enhances our capabilities in the rail sector and aligns with the Group's strategy of diversifying into non-defence markets and increasing our services offering".
"Together, Pennant and TAS will be able to offer comprehensive, added value services through our combined experience, flexibility and expertise."
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Enquiries:
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Pennant International Group plc |
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Philip Walker (Chief Executive Officer) | +44 (0) 1452 714914 |
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Walbrook PR Limited Paul Vann/Tom Cooper
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+44 (0) 207 933 8780 +44 (0)7768 807631 |
About Pennant
Pennant International Group plc is quoted on the AIM market of The London Stock Exchange. It is a supplier of integrated training and support solutions, products and services globally, principally to the defence, rail, aerospace and naval sectors and to Government Departments.
Website: www.pennantplc.co.uk
Pennant enquiries: sales@pennantplc.co.uk or tel: +44 (0)1452 714914
About Track Access Services
TAS have been operating in the UK and Ireland for over 15 years, supplying a wide variety of services to road and rail industries in the transportation sector. TAS products are used extensively by organisations and transport industry users.
Website: www.trackaccess.co.uk
Track Access Services enquiries: mail@trackaccess.co.uk or tel: +44 (0)1763 261708