AIM-listed training technology company Pennant International Group has reported "positive trading momentum" in latest results for the first half of the year.
The Gloucestershire business, which specialises in training technology for aviation industry said trading is in line with management expectations. It reported that revenues for the first half of the year were at £7.1m compared to £6.9m in the same period last year.
Bosses at the IPS software and services company said 46% of revenues were generated from software licensing and associated activities.
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Pennant said that it continued to progress on its contract with Boeing Defence United Kingdom Limited (BDº£½ÇÊÓƵ) for the º£½ÇÊÓƵ Apache upgrade programme, and has "successfully" passed six out of eight scheduled engineering design reviews, passing four during the First Half. The company said the contract remains on track for completion in September 2024.
The integration of Track Access Productions into the business has been completed following the acquisition announced in April and the company is delivering revenues "in line with management expectations".
Further to the announcement on June 13 which detailed new contract wins, order intake towards the end of the first half at £5.2m. This trend has continued with a new contract worth AUD$1.2m over 12 months secured in early July.
Chief executive, Philip Walker commented: "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."
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