Pennant International profits soar

Pennant International, the training firm focused on defence, rail and aeronautics clients, has reported big rises in revenues and profits as a steady stream of major contracts has buoyed first half results.

Revenue for the six months to the end of June were £7.1m, up 43% on the same period of last year. The profit before tax figure was even stronger, almost tripling from £0.272m to £0.755m.

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A number of key contracts have been won during the last six months, including a maintenance training equipment contract with Augusta Westland for the Lynx Wildcat helicopter.

The firm has also upgraded its virtual reality parachute trainer.

Pennant International's Chairman, Christopher Powell, said: ""Both the Training Systems and the Data Services divisions have been working on major contracts and there has been growth in consultancy revenues in the Software Services division.

"The pipeline continues to be strong and active with opportunities for new orders this year and in the medium term."

The stock had gained 12% by 11:02 and is now up 63% since the start of the year.

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