Business
Trading Update & Notice of Interim Results
Trading Update & Notice of Interim Results.
About this update from Pennant International Group Plc
[{"type":"text","content":"\n\n \n 19 July 2023\n \n\nPENNANT INTERNATIONAL GROUP PLC\n \nTrading Update & Notice of Interim Results\n\n Positive trading momentum maintained; Strong Q2 order intake\n \nPennant International Group plc (AIM:PEN), the IPS software and services company, is pleased to provide a trading update for the six months ended 30 June 2023 (the \"First Half\") in line with management expectations. The Company expects to publish its Interim Results on 27 September 2023.\n \nFinancial summary\n \nA preliminary unaudited assessment of the Group's trading for the First Half indicates:\n \n\n· revenues of £7.1 million (H1 2022: £6.9 million) of which circa 56% are recurring (H1 2022: 65%);\n· gross margin of 47% (H1 2022: 41%);\n· 46% of revenues generated from software licensing and associated activities (H1 2022: 52%);\n· earnings before interest, taxation and amortisation (EBITA) of £0.5 million (H1 2022: EBITA of £0.1 million);\n· earnings before interest, taxation, depreciation and amortisation (EBITDA) of £0.8 million (H1 2022: EBITDA of £0.4 million);\n· net debt at period end of £1.9 million (H1 2022: £4.1 million);\n· three-year order book at period end of £25 million (H1 2022: £27 million).\n\n\n \n\n\nNote: the above results are stated before circa £0.1 million of exceptional transaction and integration costs associated with the acquisition of Track Access Productions Limited.\n\n \nMajor programme update\n \nThe Company continues to make good progress on its contract with Boeing Defence United Kingdom Limited (BDUK) for the UK Apache upgrade programme, and has successfully passed six o...