Gloucestershire’s Pennant boosts revenues 13 per cent

Pennant International Group plc, a Cheltenham-based provider of systems support and training solutions, has shared strong results for the year ended 31 December 2023.

The group posted annual revenues of £15.5 million – up 13 per cent on the previous year’s £13.7 million – under the guidance of new chairman Ian Dighé, who replaced Philip Cotton this February.

“I’m pleased to report my first set of results as chairman of Pennant, highlighting significant group-wide progress with a return to operating profit and record gross margins”, said Ian.

“We continue to invest in and develop our leading suite of services and solutions, helping our customers maximise their operational efficiency while pursuing a group strategy that focuses on higher value, higher margin, recurring software and services revenues.”

Highlights for the period included a successful £1.36 million fundraise just last month to provide working capital and support investment in the company’s integrated product support (IPS) suite.

It’s also seen strong revenue growth in the European market.

Ian added: “Current economic and geo-political trends are driving significant increases in global defence spending, and the outlook for our other key markets also appears to be improving – promising growing tailwinds for the group in the short- to medium-term.

“The board believes that our integrated product suite, coupled with the group’s underlying strengths – our long-term customer relationships with governments and major OEMs and our specialist services, together with our quality-assured reputation – will provide opportunities for long-term success.”