Simon Thompson 

Pennant on track for strong profit recovery

Simon Thompson

Simon Thompson

I covered the pre-close trading update from Pennant (PEN:65p), an Aim-traded supplier of products and services that train and assist engineers in the defence and civilian sectors, in quite some detail after the company announced delays to some contracts, which prompted house broker WH Ireland to cut its 2019 pre-tax profit estimate in half to £1.8m on revenue of £20m (Pennant’s recovery potential’, 12 August 2019). Chief executive Philip Walker remains comfortable with that forecast, and so am I, having seen the contract schedule for delivery in the second half.

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