Business
2008 Final Results
2008 Final Results.
About this update from Pennant International Group Plc
[{"type":"text","content":"\n RNS Number : 7683T Pennant International Group PLC 15 June 2009 \n \n\nFor Immediate Release 15 June 2009\nPennant International Group plc\nPreliminary Results for the year ended 31 December 2008\nResilient performance in difficult markets;\n\nPennant International Group plc ('Pennant' or 'the Company'), the AIM quoted supplier of integrated logistic support solutions, products and services, principally to the defence, rail, aerospace, and naval sectors and to Government Departments, announces preliminary results for the year ended 31 December 2008.\n\nIn his statement to shareholders, Mr. Christopher Powell, Executive Chairman, said:\n'The general sharp economic downturn in the second half of 2008 was challenging for the Group as it was for many other businesses and resulted in an operating loss for the year on significantly lower revenues. The Board has taken the necessary steps to reduce costs, continue diversification into markets other than defence (e.g. rail and power) and to develop further consultancy and support services to complement sales of hardware and software thus generating increasing recurring revenues.'\n\nHighlights: Financial\n· Group revenues of £9.8 million (2007: £12.35 million).\n· Gross margins maintained\n· Group operating loss of £0.43 million (2007: £1.23 million profit including profit on property sale of £0.38 million).\n· ...