25 May 2012

Pennant in buoyant mood

21/12/2011 Miles Nolan

Training solutions provider Pennant (PEN) has reported that thanks to strong trading, it is on track to beat sales expectations in 2012.

The AIM listed company also states current trading is in line with expectations, buoyed by a solid order book. Pennant provides a range of services to clients which span: defence, rail, aerospace, government departments and the naval sector.

Pennant boasts that visibility on orders has improved and the delivery of major contracts has increased. Interim results to June revealed a 30 per cent hike in pre-tax profits to £272,000 on sales slightly higher at £4.96 million (2010: £4.89 million). The half-year dividend payout was also doubled to 0.5p a share.

In its training arm, Pennant has secured its largest ever contract - a deal worth over £10 million for Maintenance Training Equipment for the AW 159 Lynx Wildcat helicopter. Following the news today, house broker WH Ireland has upped its 2012 forecasts, and now predicts sales of £10.9 million, EPS of 1.7p and a 1.5p a share dividend.

Pennant is clearly firing on all cylinders, and helped by its near £700,000 net cash position has been busy buying in its own shares to boost EPS. Margins are improving and Pennant is clearly winning more work both at home and overseas. The shares are up 7 per cent to 20.25p - well shy of WH Ireland's target price of 33p. Buy.

Tags: AIM market, Broker upgrade, Defence training, Good order book, Strong trading

Sector: Software & Computer Services

Companies: Pennant

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