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Pennant International – 2022 results, ‘solid foundations for continued recovery’ Buy

Safety-critical industries training technology and integrated product support services group Pennant International (PEN) has announced results for the 2022 calendar year, emphasising “a much-improved performance” and “a contracted year end order book of £25 million (2021: £22 million), underpinning forecasts and providing good visibility for 2023 and beyond”.

Pennant International – 2021 results, is its 2022 “increasing confidence” justified?

Pennant International (PEN) has announced its 2021 “second half was stronger, generating an EBITA profit of £0.2m” and “the current year has started well. In March 2022, we finally secured the Major Programme for Boeing Defence United Kingdom Limited… the board views prospects for 2022 with increasing confidence”. So what of a current 36.5p share price, down more than 6%?...


Pennant International – a “satisfactory” first half?, why the further share price decline?...

Previously writing on provider of technology-based training and support to the defence and regulated civilian sectors Pennant International (PEN), in April I reviewed why “pleased to report” full-year results saw the shares approaching 14% lower at 38p and concluded continue to avoid. Today a stated “satisfactory” half-year and “anticipates that its financial performance will improve significantly in the second half… trading remains in line with market expectations for the year as a whole”, so why are the shares currently a further more than 12% lower on the day to below 30p?...


Pennant International – 2020 results, “much-improved” second half?

Previously writing on provider of technology-based training and support to the defence and regulated civilian sectors, Pennant International (PEN), last year with the shares down to 36p I noted its cash flow is clearly currently unsustainable and it is profitable orders conversion which is key. The company has now announced calendar year 2020 results including emphasising “a much-improved performance in the second half of the year” and “year-end order book stood at £31 million… of which £14 million of revenue… is scheduled for recognition within one year”. Why are the shares, at 38p, approaching 14% lower in response?...

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