A below the radar recovery play – Investors' Chronicle – Investors Chronicle

Pennant (PEN:29p), an Aim-traded supplier of products and services that train and assist engineers in the defence and civilian sectors, reported a small underlying operating profit in the first half of 2022 despite reporting a decline in revenue from £7.5mn to £6.9mn, a reflection of the shift to higher margin software activities and the wind down of an onerous loss-making legacy armoured vehicle contact with the MoD.
Since the start of the year, the group’s software and services business has grown its first half revenue by 40 per cent to £3.6mn, accounting for more than half of group revenue for the first time. This explains why two-thirds of revenue is now recurring in nature, thus removing the lumpiness of contracts that have dogged Pennant in the past.
We use cookies for a number of reasons, such as keeping FT Sites reliable and secure, personalising content and ads, providing social media features and to analyse how our Sites are used.


Leave a Comment