News blog
Pennant International Group
- BY: Andrew Hore |
- POSTED: 15/06/2009 |
Delayed orders meant that Pennant International Group fell into loss in 2008 although new orders have been won since the end of the year.
Shares in Pennant fell 1p to 7p each, which values the defence training systems and logistics software provider at £2.06m.
Revenues fell from £12.3m to £9.84m in 2008, Stripping out the £376,000 property disposal gains, Pennant made a profit of £742,000 in 2007. The 2008 loss was £500,000 - including £100,000 of redundancy costs. The revenues and profits of the training division fell in 2008. New work is being tendered for. Software revenues were flat and the profit slumped. Data services revenues fell from £3.72m to £2.65m and it moved from a small profit to a significant loss.
There was a £575,000 cash outflow from operations in 2008 and the positive cash position turned into net debt of a few thousand pounds.
The Canadian and Australian defence authorities have signed logistics software contracts worth a potential C$15m - over five years - and more than A$2m - over six years - respectively.
A £500,000 technical documentation contract has been signed by ALSTOM Power in Switzerland. That, and cost cutting, will help the data services division to return to profit in 2009.
Pennant hopes to win work in Saudi Arabia with a new partner.
© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|