Gloucestershire-based technology training company Pennant International expects “modest” profits for the financial year after undergoing a cost-cutting drive.
The AIM-listed firm has axed 30 roles from its workforce since September and sold three commercial units at its Staverton site for a total of £1.2m. The rest of the site is still being marketed for sale.
On Tuesday (December 10), Pennant said trading results for the year ending December 31 would likely be in line with market expectations, with revenues of approximately £14m and adjusted EBITDA – a measure of performance – of circa £1.2m.
The company said it expected to make annual cost savings from the restructuring in the region of £2m. The group now has three business segments – software; technical services; and training systems – delivered in the EMEA, Americas and Asia Pacific regions.
Revenues are expected to increase in the software and technical services divisions in 2025, while reducing in training systems following the completion of the Apache programme. Order coverage for the 2025 financial year currently stands at £7m.
Last month, Pennant appointed Darren Wiggins as its new group’s chief financial officer. Mr Wiggins had been serving as the company’s interim CFO since last September.
Ian Dighé, chair of Pennant, said at the time: “Having already made a very positive impact since joining the company in September, I am delighted to welcome Darren to the Pennant board. Darren’s wealth of experience will be significant in the re-shaping and development of the company as a software-focussed business and I, and the rest of the board, look forward to working with him to realise the group’s full potential.”