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Revenues rise at Cheltenham tech company Pennant

29 September 2023
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Cheltenham-based training tech provider Pennant International Group has seen its revenues rise to £7.1 million, the company told investors on Wednesday.

The firm, which specialises in training technology for the aviation industry, reported growing revenues from software licensing and associated activities – accounting for 46 per cent of its revenue this financial year compared with five per cent a year ago.

Read more: Gloucestershire tech firm Pennant announces 'positive trading momentum' in latest results

Pretax profits were up from £100,000 to £500,000.

The firm reported "good progress" on the £9 million Boeing Defence United Kingdom Apache upgrade programme, which is running on time and on budget, with final deliveries scheduled for completion in September 2024.

Visit Hampshire Biz News for bright, upbeat and positive business news from the county

Chairman Philip Cotton said: "I am pleased to report that the Group has maintained positive earnings before interest, taxation and amortisation for a fourth consecutive period, with profitability in-line with market expectations for the year as a whole.

"Our plan to re-engineer the business to build on software, services and other higher-margin work - focusing on our unique breadth of products and services across multiple Integrated Product Support disciplines - is producing results."

Peter Davison is deputy editor of The Business Magazine. He has spent his life in journalism – doing work experience in newsrooms in and around Bristol while still at school, and landing his first job on a local newspaper aged 19. By 28 he was the youngest newspaper editor in the country.

An early advocate of online news, he spent the first years of the 2000s telling his bosses that the internet posed both the biggest opportunity and greatest threat to the newspaper industry and the art of journalism. He was right on both counts.

Since 2006 he has enjoyed a career as a freelance journalist. He lives in rural Wiltshire with one wife, two children, and three cats.

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