Revenues rise at Cheltenham tech company Pennant
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.
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.
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."