25 May 2012

Pennant feels pain

15/06/2009 James Crux

Pennant trains the British Army and the MoD among others

Pennant trains the British Army and the MoD among others

Training technology specialist Pennant International slipped into losses on lower sales in a very tough year to December.

Relatively resilient, the AIM-quoted company provides everything from e-learning and instructor-led training to simulator systems for a diverse batch of clients including BAE Systems, the MoD, Network Rail and Anglo-Italian helicopter company AgustaWestland.

Nevertheless, as the downturn worsened in the second half of 2008, Pennant’s data services operations were badly affected, while new licence sales in its software business came under pressure. As a result, pre-tax profits of £1.1 million reversed to losses of £500,383, on sales reduced by 20 per cent to £9.8 million. After experiencing a near £1 million net cash outflow, the board prudently decided to skip the final dividend.

In response to these challenges, chairman Christopher Powell says Pennant has cut costs and continued to diversify into markets other than defence, such as rail and power, while concentrating on building recurring revenues.

He also flagged up an encouraging first quarter of 2009, during which new relationships were established and new orders won, ‘substantially increasing the value of the order book’.

Shares in Pennant, as high and low as 12p and 4.75p over the past 52 weeks, fell by 1p to 7p on the news this morning, at which level they value the group at £2.06 million.

Tags: AIM, Dividend, Restructuring

Sector: Software & Computer Services

Companies: Pennant

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