Software firm returns to profit after difficult 12 months

A firm which supplies software to aviation and software firms has seen revenues rise to £15.5m in the last year.

Gloucestershire based Pennant released a trading update ahead of its full year results which are being announced in April.

Group revenues rose by just under £2m to £15.5m. Adjusted earnings before interest and tax were £400,000 compared to a loss of £1m a  year ago.

The company also announced that Ian Dighé has been appointed to the board as an independent non-executive director and chair designate.

Phil Cotton will step down as chair at the company’s next Annual General Meeting which is expected to be held in May 2024.

Phil Cotton will continue to serve on the board as an independent non-executive director.

Ian has significant listed company and city experience, particularly in the investment banking, corporate broking, asset management and closed-end funds sectors.

He is also experienced at developing boards and their senior management teams.

Chief executive Philip Walker said: “The board is very pleased with the group’s positive, and improving, trading performance.

“The results, which include a return to operating profit and a record gross margin of 50 per cent, are strong indicators that Pennant’s growth strategy is delivering.

“However, there is much still to do as we head into the next phase, and we are therefore delighted to welcome Ian, whose appointment will further strengthen the board as we move forward. I would also like to take this opportunity to thank Phil Cotton on behalf of the board for his valuable contribution as chair.”