FOR
IMMEDIATE RELEASE
7 February 2024
PENNANT INTERNATIONAL GROUP
PLC
Trading
Update
Record Gross Margin &
Return to Operating Profit
Appointment of Non-Executive
Director (Chair Designate)
Pennant International Group plc
(AIM:PEN)(the "Company",
the "Group"), the IPS
software and services company, is pleased to provide the following
trading update ahead of the publication of the Company's full-year
results for the year ended 31 December 2023 ("FY23"), which are scheduled to be
announced in April 2024.
The preliminary unaudited assessment
of the Group's trading for FY23 indicates:
·
Group revenues of £15.5 million (2022: £13.7
million);
·
gross margin of 50%, a record for the Group (2022:
42%);
·
adjusted earnings before interest and tax (EBIT)
of £0.4 million (2022: EBIT loss of £1.0 million)
·
adjusted earnings before interest, taxation and
amortisation (EBITA) of £1.7 million (2022: EBITA of £0.5
million);
·
adjusted earnings before interest,
taxation, depreciation and amortisation (EBITDA) of £2.2 million
(2022: EBITDA of £1.1 million);
·
net debt at year-end of £1.9
million (2022: net debt of £0.4 million), with post year-end
receipts resulting in net cash of £0.3 million during week
commencing 15 January.
Note: the above results are adjusted for circa £0.3 million of
exceptional, non-recurring costs, including transaction and
integration costs associated with the acquisition of Track Access
Productions Limited in April 2022, and professional costs and
expenses associated with another, aborted
transaction.
Appointment of Non-Executive Director (Chair
Designate)
The Company is pleased to announce
that Ian Dighé has been appointed to the Board as
an independent non-executive director and Chair designate. Phil
Cotton will step down as Chair at the Company's next Annual General
Meeting which is expected to be held in May 2024, to be succeeded
by Ian. Following the AGM, Phil Cotton will continue to serve on
the Board as an independent non-executive
director.
Ian has significant listed company
and City experience, particularly in the investment banking,
corporate broking, asset management and closed-end funds sectors.
He is also experienced at developing boards and their senior
management teams, and looks forward to leading the Board as the
Group continues to implement its strategy.
Chief Executive Officer, Philip Walker
commented: "The Board is very pleased
with the Group's positive, and improving, trading performance. The
results, which include a return to operating profit and a record
gross margin of 50 per cent, are strong indicators that Pennant's
growth strategy is delivering. However, there is much still to do
as we head into the next phase, and we are therefore delighted to
welcome Ian, whose appointment will further strengthen the Board as
we move forward. I would also like to take this opportunity to
thank Phil Cotton on behalf of the Board for his valuable
contribution as Chair."
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
Enquiries:
|
Pennant International Group plc
|
www.pennantplc.com
|
|
Philip Walker, CEO
David Clements, Commercial & Risk
Director
Michael Brinson, CFO
|
+44 (0) 1452 714 914
|
|
|
|
|
WH
Ireland Limited (Nomad and Broker)
|
www.whirelandplc.com/capital-markets
|
|
Mike Coe / Sarah Mather (Corporate
Finance)
|
+44 (0) 20 7220 1666
|
|
Fraser Marshall / George Krokos
(Sales)
|
|
|
Walbrook PR (Financial PR)
|
pennant@walbrookpr.com
|
|
Paul Vann
Joe Walker
|
+44 (0)20 7933 8780
Mob: +44 (0)7768 807631
|