Pennant International Group PLC Pre-Close Trading Update & Notice of Final Results (5561U)
January 19 2017 - 1:00AM
UK Regulatory
TIDMPEN
RNS Number : 5561U
Pennant International Group PLC
19 January 2017
FOR IMMEDIATE RELEASE 19 January 2017
PENNANT INTERNATIONAL GROUP PLC
Pre-close Trading Update
&
Notice of 2016 Preliminary Results
"In line trading with strong order intake during second
half;"
"very positive outlook for 2017 and beyond "
Pennant International Group plc ("Pennant" or "the Group"), 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, is pleased to
announce the following trading update ahead of the announcement of
its preliminary results for the year ended 31 December 2016, which
are scheduled to be released on 10 March 2017.
The Group's trading results for the year ended 31 December 2016
('year-end') will be in line with current market expectations with
the anticipated substantial improvement in trading during the
second half of the year having been realised. A number of major new
contracts were awarded during the year including a landmark
contract with new customer, The Lockheed Martin Corporation and two
substantial contracts with Middle East customers. The early phase
of deliveries on these contracts have been made and payments
received. The Group also successfully completed its first equity
fundraising since 2001 by way of an oversubscribed Placing to raise
more than GBP3.5million in August.
The Board remains keen to enhance the strength of the Group and
has taken the opportunity to refine the Group structure. With
immediate effect Pennant Information Services Limited has been
renamed Pennant Support & Development Services Limited
("PSDSL"). The intention is to integrate the Support Services
division with the existing Information Services Division. The
effect of this will be to consolidate in one operating unit the
contract support functions currently spread across the Group and
will result in the Group operating three divisions, Software,
Support and Development, and Training.
Notwithstanding current economic uncertainty surrounding the
formal commencement of the UK's Brexit from the EU, the Group has
not yet detected any loss of confidence from its global customer
base.
Pennant has an exceptional order book and, together with a
healthy balance sheet, a strong reputation and track record in its
markets, the Board is confident at this very early stage in the new
financial year, that the Group should continue to make further
progress during the year ending 31 December 2017.
Contacts:
Pennant International www.pennantplc.co.uk
Group plc
Chris Snook, CEO
Phil Walker, CFO +44 (0) 1452 714 881
WH Ireland Limited www.wh-ireland.co.uk
Mike Coe / Ed Allsopp +44 (0) 117 945 3470
Walbrook PR (Financial www.walbrookpr.com
PR)
Paul Vann / Tom Cooper + 44 (0)20 7933 8780
or + 44 (0)7768 807631
This information is provided by RNS
The company news service from the London Stock Exchange
END
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