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Pennant International
- BY: Andrew Hore |
- POSTED: 24/11/2008 |
Training systems and software provider Pennant International says £240,000 of software licences will not be received prior to the end of 2008.
That will knock a similar amount off profit. It means that underlying profits before exceptional costs will be minimal in 2008. The software licence revenues should come through in 2009.
Profits fell from £375,000 to £55,000 in the six months to June 2008. Revenues declined from £6.5m to £5.4m.
Management is aware that other contracts could be delayed and £350,000 has been cut from the cost base in 2009. This will cost £150,000 so it will push the 2008 figures into loss.
Net cash was £48,000 at the end of June 2008 but Pennant says there should be no net debt at the end of 2008.
The shares fell 3.75p to 4.75p each, which values Pennant at £1.45m. If the final dividend is maintained then the shares will yield 17.6%. The yield on the interim alone is 5.9%.
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