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07 Feb, 2024 10:52 07 Feb, 2024 10:52

Pennant International returns to FY operating profit

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Computer keyboardSharecast / Pixabay

Software and services firm Pennant International said on Wednesday that it had delivered record gross margins as it returned to an operating profit in 2023.

Pennant International said group revenues rose from £13.7m to £15.5m for the year, with gross margins improving from 42% in 2022 to £15.5m twelve months later.

The AIM-listed group also recorded underlying earnings of £400,000, a marked improvement on its £1.0m underlying loss a year earlier.

Net debt, on the other hand, increased from £400,000 to £1.9m. However, post-year-end receipts resulted in a net cash balance of £300,000 during the week commencing 15 January.

Pennant also revealed that Ian Dighé had been appointed to the board as chairman designate, with Phil Cotton set to step down from the role at its annual general meeting in May. Following the AGM, Cotton will continue to serve on the board as an independent non-executive director.

As of 1050 GMT, Pennant shares were down 5.80% at 32.50p.

Reporting by Iain Gilbert at Sharecast.com


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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

The value of investments can fall and you may get back less than you invested.