Gloucestershire aviation specialist wins series of new contracts

A Gloucestershire software firm ha said it has won a series of major contracts.

Pennant International, which provides software and training to the aerospace and  aviation industry, said trading is in line with management expectations in an update.

Revenues for the first half of the year were £7.1m compared to £6.9m in the same period last year.

Just under half of revenues were generated from software licensing and associated activities.

The company said it continues to make good progress on its contract with Boeing Defence United Kingdom for the UK Apache upgrade programme, and has successfully passed six out of eight scheduled engineering design reviews. The contract remains on track for completion in September 2024.

The integration of Track Access Productions Limited (“TAP”) into the business has been successfully completed following the acquisition announced in April.

Order intake towards the end of the first half was strong, with £5.2m of new orders received since April.

This trend has continued with a new contract worth AUD$1.2 million over 12 months secured in early July.

Chief Executive Officer, Philip Walker said: “Positive trading momentum has been maintained during the period, including the winning of several significant contracts and further EBITA growth.

“The successful integration of TAP has further broadened our rail customer base, diversified our offering and enhanced the Group’s recurring revenues.”

“We continue to focus on increasing revenues from software and technical services, and further bolstering our robust order book.”