Gloucestershire tech firm Pennant announces 'positive trading momentum' in latest results
Cheltenham-based training technology provider Pennant International Group has reported "positive trading momentum" in its financial results for the first half of the year.
The firm, which specialises in training technology for the aviation industry, reported revenues for the first half of the year of £7.1 million compared to £6.9 million in the same period last year.
Read more: Cheltenham’s Pennant announces improved performance in year-end results
Investors were told 46 per cent of revenues were generated from software licensing and associated activities.
Pennant said that it continued to progress on its contract with Boeing Defence United Kingdom Limited for the UK Apache upgrade programme, and has "successfully" passed six out of eight scheduled engineering design reviews, passing four during the First Half.
The company said the contract remains on track for completion in September 2024.
CEO Philip Walker commented: "Positive trading momentum has been maintained during the period, including the winning of several significant contracts and further EBITA growth.
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"The successful integration of TAP has further broadened our rail customer base, diversified our offering and enhanced the Group's recurring revenues."
"We continue to focus on increasing revenues from software and technical services, and further bolstering our robust order book."
