Aviation software specialist sees revenues hit £7m mark
Training and software firm Pennant International saw revenues pass the £7m mark in the first six months of the year.
The Gloucestershire firm specialises in providing technical and software support for the aviation and aerospace industry.
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.”
Group revenues for the period were £7.1m, a slight increase from last year.
Just under half of revenues were generated from software licensing and associated activities.
Earnings before interest, taxation and amortisation (EBITA) increased from £100,000 to £500,000.The company had a loss before tax of £400,000 compared to £800,000 last year.
Philip Cotton added: “Given the burgeoning technological complexity of military, aviation and rail platforms, the demand for innovative Integrated Product Support solutions is only likely to grow, particularly with increasing defence budgets across the Western world.
“Our strategy has been formulated with precisely these factors in mind and with our developing S-Series solutions, we are well-placed to capitalise.”