TIDMPEN
RNS Number : 8785K
Pennant International Group PLC
27 September 2016
27th September 2016
Pennant International Group plc
Interim Results for the six months ended 30 June 2016
Return to profit; Trading in line with market expectations;
Four new contracts secured; Strategic new customers including
Lockheed Martin Corporation; Record Group Order Book of GBP46m at
Period-End;
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those obligations.
Pennant International Group plc ("Pennant" or "the Group"), the
AIM quoted supplier of integrated logistic support solutions,
products and services, principally to the defence, rail, aerospace
and naval sectors and to Government Departments, announces Interim
Results for the six months ended 30 June 2016.
Commenting on the results and the Group's prospects for the year
as a whole, new Chairman Simon Moore said:
"The Group recorded a modest pre-tax profit for the six months
ended 30 June 2016, an outcome that is significantly better than
the equivalent period last year. Furthermore, as highlighted in the
Trading Update announced in June, the directors expect a
substantial improvement in trading in the second half and, based on
the levels of the confirmed record Order Book, are confident of a
successful outcome for the year as whole."
Highlights: Financial
-- Group revenues for the period of GBP6.6 million (2015: GBP5.7 million);
-- Profit before tax of GBP10,582 (2014: loss before tax GBP0.75 million);
-- Profit for the period attributable to shareholders of
GBP10,582 (2015: loss GBP0.75 million);
-- Cash generated from operations of GBP1.2 million (2015: cash
used in operations of GBP(1.0) million);
-- Nil borrowings; Net cash at period end of GBP2.6 million (2015: GBP(0.6) million);
-- Basic earnings per share of 0.04p (2014: loss of (2.86p) per share);
-- No Interim dividend declared (2015: 1.0p);
-- Record Order Book of GBP46 million at Period-End including
GBP36 million for delivery in 2017, 2018 and 2019;
-- Effective nil tax rate; unrelieved tax losses of GBP4.7m;
-- Minimal impact of Brexit on Group, other than short term currency fluctuations;
-- Post period-end, an oversubscribed share issue at 55p per
share to raise GBP3.56 million before expenses to provide
additional working capital for new and existing contracts;
Highlights: Operational
-- Secured second phase contract with undisclosed Middle Eastern
customer worth in excess of GBP7 million;
-- Secured the first phase of a supply contract with a new
strategic Middle Eastern customer worth GBP6 million;
-- Awarded new landmark contract with Lockheed Martin
Corporation MST (LMC) with potential value of GBP2.2m over 18
months;
-- Secured second contract with LMC to provide Rotary Wing Rear
Crew Winch Trainer (RCWT) in support of Rear Crew Training for the
United Kingdom Military Flight Training System (UKMFTS);
-- Successful completion of contract with an Indian customer for
the provision of software based training capability;
-- Re-profiling of strategic single source contract due to run
rate progressing ahead of expected levels. Early discussions
commenced to renew the contract and increase its value;
-- Sale of new licenses for the use of the Group's Integrated
Logistics Support Software product, OmegaPS, to Oshkosh.
Mr. Moore concluded:
"The Board remains confident that trading will be in line with
current market expectations for the year ending 31 December 2016.
Notwithstanding the current global economic outlook, to date, we
have seen very little noticeable impact on the Group's trading from
the Brexit vote. Prospects for next year and beyond remain very
positive with the future contracted Order Book, valued in aggregate
at more than GBP46 million including GBP36 million with delivery
currently scheduled as to GBP18 million in FY2017, GBP10 million in
FY2018 and GBP8 million in FY2019, providing good long-term
visibility of revenues."
Enquiries:
Pennant International Group plc www.pennantplc.co.uk
Philip Walker, CFO
Chris Snook, CEO +44 (0) 1452 714 881
WH Ireland Limited www.wh-ireland.co.uk
Mike Coe / Ed Allsopp +44 (0) 117 945 3470
Walbrook PR (Financial PR) paul.vann@walbrookpr.com
Paul Vann / Tom Cooper +44 (0)117 985 8989
Mob: +44 (0)7768 807631
Pennant International Group plc
Interim Report for the six months ended 30 June 2016
Chairman's Statement
On behalf of the Board of Directors it gives me great pleasure
to present to shareholders this my first interim results statement
as Chairman. I am able to report that in the six months to 30 June
2016, the Group returned to profitability after a challenging 2015.
The period under review has seen the achievement of significant
operational and strategic objectives that position the Group well
for the medium and longer term.
Results and dividend
Revenues for the period increased by GBP0.9m to GBP6.6 million
(Interim 2015: GBP5.7 million). Several major new contacts were
awarded during the period with work commencing on a number of
these, resulting in an increase in revenue of 18% on the same
period last year, whilst the Group's Order Book at the period-end
stood at a record GBP46 million.
Gross profit margin for the period also improved to 36.3%
(Interim 2015: 27.7%) as a result of previously implemented cost
controls and the sales mix.
Administrative costs for the period were GBP2.4 million which is
in line with prior years. Included within this figure were non
underlying costs totaling GBP0.3m relating to short term currency
fluctuations, non-recurring legal costs, redundancy and
satisfactory settlement with HMRC.
The Group returned to profitability during the period, recording
a modest profit after tax of GBP10,582 (Interim 2015: loss
(GBP755,799)).
Basic earnings per share improved to 0.04p compared to a loss
per share of 2.86p for the same period last year.
Cash generated from operations amounted to GBP1.2 million
(Interim 2015: GBP(1.0) million cash used in operations),
reflecting the improved trading during the period. The Group has
nil borrowings with a cash balance at the end of the period of
GBP2.6 million (Interim 2015: GBP(0.6) million).
An Effective nil tax rate is expected for the year as a whole
with unrelieved tax losses of GBP4.7m at 30(th) June 2016 being
carried forward.
As previously announced in the Trading Update of 16(th) June
2016 the Directors have concluded that it is in the Company's
interests to retain cash and have therefore decided to suspend the
payment of dividends until further notice (Interim 2015: 1.0p).
Operational Highlights
-- Secured second phase contract with undisclosed Middle Eastern
customer worth in excess of GBP7 million for the supply of a range
of equipment, hardware and software, and maintenance support to an
aeronautical engineering training college in the Middle East. The
equipment supplied includes Part Task Trainers, mechanical and
avionics systems for practicing maintenance activities and a
virtual reality procedure trainer for aircraft marshalling and
ground handling activities;
-- Secured the first phase of a supply contract with a new
strategic Middle Eastern customer worth GBP6 million for the supply
of a range of equipment, hardware and software, and maintenance
support to aeronautical engineering training college in the Middle
East. The equipment supplied includes Part Task Trainers and
mechanical and avionics systems for practicing maintenance
activities.
-- Awarded a landmark contract with Lockheed Martin Corporation
MST (LMC) with potential value of GBP2.2m over 18 months. The
contract is for the development of computer based training for
aircrew and engineering staff.
-- Secured second contract with LMC to provide Rotary Wing Rear
Crew Winch Trainer (RCWT) in support of Rear Crew Training for the
United Kingdom Military Flight Training System (UKMFTS). The RCWT
is a representative cabin of the Maritime Advanced Rotary Training
Aircraft and will support all aspects of Winch Operator
training.
-- Successful completion of contract with an Indian customer for
the provision of software based training capability.
-- Re-profiling of strategic single source contract due to run
rate progressing ahead of expected levels. Early discussions
commenced to renew the contract and increase its value;
-- Sale of new licenses for the use of the Group's Integrated
Logistics Support Software product, OmegaPS, to Oshkosh.
Board changes
On 3 March 2016, Jennifer Powell stepped down as a Non-Executive
Director. The Board would like to thank Jennifer for her
contribution during her time on the Board.
On 18 May 2016, Christopher Powell stepped down as Chairman to
become a Non-Executive Director. The Board would like to take this
opportunity on behalf of the Board and the Group's shareholders to
thank Christopher for his contribution during his time as
Chairman.
More recently, on 26 September 2016, Tim Rice was appointed to
the Board as a Non-Executive Director. Tim has extensive senior
management and aerospace sector experience. As former Managing
Director of Vector Aerospace UK and Managing Director of Messier
Services UK, Tim has experience and expertise in customer facing
development, corporate governance and strategy in the defence and
aviation markets.
Post Period-End Expansion of Business Premises
On 19 July 2016, the Company announced that it took possession
of two commercial premises at Staverton Connection Business Park,
Cheltenham. This has been followed by the acquisition of a third
unit at the same location, representing a total investment of GBP1
million in new facilities.
The new premises will more than double Pennant's production
capacity to over 24,000 sq ft. and will facilitate continued
expansion and growth.
Post Period-End Share Issue
On 15 August, 2016, the Company announced its first equity
fund-raising since 2001. This followed the earlier announcement in
June that it had secured work on two major contracts. These
projects, with two Middle Eastern customers have an aggregate value
in excess of GBP13 million. Having considered the working capital
requirements of these contracts and to ensure sufficient headroom
to cover commitments to other existing and potential work, the
Directors believed it prudent to supplement the Company's existing
working capital resources by way of an equity fund-raising. This
was successfully concluded with an oversubscribed placing of
1,527,739 treasury shares and 976,461 new ordinary shares which
raised GBP3.56 million before expenses at 55 pence per share.
Outlook
In the Group's Trading Update published on 16(th) June 2016, the
Board stated that a substantial improvement in trading is expected
in the second half of the year. The Board remains confident that
trading will be in line with market expectations for the current
year ending 31 December 2016.
Furthermore, prospects remain very positive, taking into the
account the contracted order book valued at more than GBP46 million
with GBP36 million currently scheduled for delivery as to GBP18
million in FY2017, GBP10 million in FY2018 and GBP8 million in
FY2019. This underpins the forward visibility of revenues well into
2019.
The Board is confident that it can continue to increase revenues
through organic growth but it will also consider complementary
strategic acquisitions which can both increase the depth and range
of the Group's offering and enhance underlying revenues.
I would like to thank all staff across the Group for their hard
work and dedication in the first half of this year. It is an
exciting time for Pennant and I look forward to updating the market
on further progress in due course.
S A Moore
Chairman
Pennant International Group plc
Interim Report for the six months ended 30 June 2016
PENNANT INTERNATIONAL GROUP plc
CONSOLIDATED INCOME STATEMENT for the six months ended 30 June
2016
Notes Six months Six months Year ended
ended 30 June ended 30 June 31 December
2016 2015 2015
------------------------- ------ --------------- --------------- -------------
Unaudited Unaudited Audited
------------------------- ------ --------------- --------------- -------------
GBP GBP GBP
------------------------- ------ --------------- --------------- -------------
Revenue 6,648,634 5,775,036 9,892,685
------------------------- ------ --------------- --------------- -------------
Cost of sales (4,235,697) (4,172,834) (7,591,942)
------------------------- ------ --------------- --------------- -------------
Gross profit 2,412,937 1,602,202 2,300,743
------------------------- ------ --------------- --------------- -------------
Administrative expenses (2,402,778) (2,352,558) (4,658,145)
------------------------- ------ --------------- --------------- -------------
Operating profit
/(loss) 10,159 (750,356) (2,357,402)
------------------------- ------ --------------- --------------- -------------
Finance costs (387) (9,042) (25,682)
------------------------- ------ --------------- --------------- -------------
Finance income 810 3,599 4,905
------------------------- ------ --------------- --------------- -------------
Profit / (Loss) before
taxation 10,582 (755,799) (2,378,179)
------------------------- ------ --------------- --------------- -------------
Taxation 2 - - 72,445
------------------------- ------ --------------- --------------- -------------
Profit / (Loss) for
the period 10,582 (755,799) (2,305,734)
------------------------- ------ --------------- --------------- -------------
Earnings per share 3
------------------------- ------ --------------- --------------- -------------
Basic 0.04p (2.86p) (8.71)p
------------------------- ------ --------------- --------------- -------------
Diluted 0.04p (2.72p) (8.71)p
------------------------- ------ --------------- --------------- -------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 June 2016
Six months Six months Year ended
ended 30 June ended 30 June 31 December
2016 2015 2015
------------------------- --------------- --------------- --------------
Unaudited Unaudited Audited
------------------------- --------------- --------------- --------------
GBP GBP GBP
------------------------- --------------- --------------- --------------
Profit attributable
to equity holders
of the parent 10,582 (755,799) (2,305,734)
-------------------------- --------------- --------------- --------------
Other comprehensive
income:
------------------------- --------------- --------------- --------------
Items that will may
be reclassified to
profit and loss
------------------------- --------------- --------------- --------------
Exchange differences
on translation of
foreign operations 308,782 (128,868) (132,558)
-------------------------- --------------- --------------- --------------
Comprehensive income
attributable to equity
holders of the parent 319,364 (884,667) (2,438,292)
-------------------------- --------------- --------------- --------------
PENNANT INTERNATIONAL GROUP plc
CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 June
2016
30 June 2016 30 June 2015 31 December
2015
-------------------------------- ------------- ------------- ------------
Unaudited Unaudited Audited
-------------------------------- ------------- ------------- ------------
GBP GBP GBP
-------------------------------- ------------- ------------- ------------
Non-current assets
-------------------------------- ------------- ------------- ------------
Goodwill 955,599 927,923 929,606
-------------------------------- ------------- ------------- ------------
Other intangible assets 424,597 716,005 566,822
-------------------------------- ------------- ------------- ------------
Property plant and equipment 2,571,221 2,864,249 2,707,326
-------------------------------- ------------- ------------- ------------
Available-for-sale investments 3,700 3,700 3,700
-------------------------------- ------------- ------------- ------------
Deferred tax asset 534,917 224,692 530,622
-------------------------------- ------------- ------------- ------------
Total non-current assets 4,490,034 4,736,569 4,738,076
-------------------------------- ------------- ------------- ------------
Current assets
-------------------------------- ------------- ------------- ------------
Inventories 29,854 29,854 29,854
-------------------------------- ------------- ------------- ------------
Trade and other receivables 5,156,109 5,701,345 3.743.435
-------------------------------- ------------- ------------- ------------
Cash and cash equivalents 2,596,678 - 1,123,456
-------------------------------- ------------- ------------- ------------
Current tax asset - 12,393 -
-------------------------------- ------------- ------------- ------------
Total current assets 7,782,641 5,743,592 4,896,745
-------------------------------- ------------- ------------- ------------
Total assets 12,272,675 10,480,161 9,634,821
-------------------------------- ------------- ------------- ------------
Current liabilities
-------------------------------- ------------- ------------- ------------
Trade and other payables 4,896,321 1,161,862 2,657,910
-------------------------------- ------------- ------------- ------------
Bank overdraft - 642,643 -
-------------------------------- ------------- ------------- ------------
Current tax liabilities 89,129 - 123,465
-------------------------------- ------------- ------------- ------------
Obligations under finance
leases 7,186 4,076 13,761
-------------------------------- ------------- ------------- ------------
Deferred revenue 261,582 241,285 174,168
-------------------------------- ------------- ------------- ------------
Total current liabilities 5,254,218 2,049,866 2,969,304
-------------------------------- ------------- ------------- ------------
Net current assets 2,528,423 3,693,726 1,927,441
-------------------------------- ------------- ------------- ------------
Non current liabilities
-------------------------------- ------------- ------------- ------------
Obligations under finance
leases - 23,116 8,424
-------------------------------- ------------- ------------- ------------
Deferred tax liabilities 391,857 379,952 391,857
-------------------------------- ------------- ------------- ------------
Total non-current liabilities 391,857 403,068 400,281
-------------------------------- ------------- ------------- ------------
Total liabilities 5,646,075 2,452,934 3,369,585
-------------------------------- ------------- ------------- ------------
Net assets 6,626,600 8,027,227 6,265,236
-------------------------------- ------------- ------------- ------------
Equity
-------------------------------- ------------- ------------- ------------
Share capital 1,402,100 1,401,400 1,402,100
-------------------------------- ------------- ------------- ------------
Share premium 8,400 5,600 8,400
-------------------------------- ------------- ------------- ------------
Capital redemption reserve 200,000 200,000 200,000
-------------------------------- ------------- ------------- ------------
Treasury shares (418,225) (418,225) (418,225)
-------------------------------- ------------- ------------- ------------
Retained earnings 4,305,612 5,946,359 4,230,206
-------------------------------- ------------- ------------- ------------
Translation reserve 312,380 7,288 3,598
-------------------------------- ------------- ------------- ------------
Revaluation reserve 816,333 884,805 839,157
-------------------------------- ------------- ------------- ------------
Total equity 6,626,600 8,027,227 6,265,236
-------------------------------- ------------- ------------- ------------
PENNANT INTERNATIONAL GROUP plc
CONSOLIDATED STATEMENT OF CASH FLOWS for the six months ended 30
June 2016
Notes Six months Six months Year ended
ended 30 ended 30 31 December
June 2016 June 2015 2015
--------------------------------------- ------ ------------ -------------- -------------
Unaudited Unaudited Audited
--------------------------------------- ------ ------------ -------------- -------------
GBP GBP GBP
--------------------------------------- ------ ------------ -------------- -------------
Net cash generated from / (used
in) operating activities 4 1,223,274 (1,045,225) 1,097,287
--------------------------------------- ------ ------------ -------------- -------------
Investing activities
--------------------------------------- ------ ------------ -------------- -------------
Interest received 810 3,599 4,905
--------------------------------------- ------ ------------ -------------- -------------
Proceeds of sale of property 23,621 - -
plant and equipment
--------------------------------------- ------ ------------ -------------- -------------
Purchase of intangible assets (10,529) (22,773) (30,413)
--------------------------------------- ------ ------------ -------------- -------------
Purchase of property plant and
equipment (13,887) (2,273) (18,367)
--------------------------------------- ------ ------------ -------------- -------------
Net cash used in investing activities 15 (21,447) (43,875)
--------------------------------------- ------ ------------ -------------- -------------
Financing activities
--------------------------------------- ------ ------------ -------------- -------------
Proceeds from issue of 'C' shares - - 3,500
--------------------------------------- ------ ------------ -------------- -------------
Dividends paid - (529,445) (794,168)
--------------------------------------- ------ ------------ -------------- -------------
Net (repayment of)/funds from
obligations under finance leases (14,999) (6,593) (11,600)
--------------------------------------- ------ ------------ -------------- -------------
Net cash used in financing activities (14,999) (536,038) (802,268)
--------------------------------------- ------ ------------ -------------- -------------
Net (decrease)/ increase in
cash and cash equivalents 1,208,290 (1,602,710) 251,144
--------------------------------------- ------ ------------ -------------- -------------
Cash and cash equivalents at
beginning of period 1,123,456 1,068,632 1,068,632
--------------------------------------- ------ ------------ -------------- -------------
Effect of foreign exchange rates 264,932 (108,565) (196,320)
--------------------------------------- ------ ------------ -------------- -------------
Cash and cash equivalents at
end of period 2,596,678 (642,643) 1,123,456
--------------------------------------- ------ ------------ -------------- -------------
PENNANT INTERNATIONAL GROUP plc
STATEMENT OF CHANGES IN EQUITY for the six months ended 30 June
2016
Share Share Capital Treasury Retained Translation Revaluation Total
capital premium redemption shares earnings reserve reserve equity
reserve
--------------- ---------- -------- ----------- ---------- ------------ ------------ ------------ ------------
GBP GBP GBP GBP GBP GBP GBP GBP
--------------- ---------- -------- ----------- ---------- ------------ ------------ ------------ ------------
At 1 January
2015 1,401,400 5,600 200,000 (418,225) 7,207,603 136,156 884,805 9,417,339
--------------- ---------- -------- ----------- ---------- ------------ ------------ ------------ ------------
Loss for the
year - - - - (2,305,734) - - (2,305,734)
--------------- ---------- -------- ----------- ---------- ------------ ------------ ------------ ------------
Other
comprehensive
income - - - - - (132,558) - (132,558)
--------------- ---------- -------- ----------- ---------- ------------ ------------ ------------ ------------
Issue of C
shares 700 2,800 - - - - - 3,500
--------------- ---------- -------- ----------- ---------- ------------ ------------ ------------ ------------
Recognition of
share
based payment - - - - 76,857 - - 76,857
--------------- ---------- -------- ----------- ---------- ------------ ------------ ------------ ------------
Transfer from
revaluation
reserve - - - - 45,648 - (45,648) -
--------------- ---------- -------- ----------- ---------- ------------ ------------ ------------ ------------
Dividends paid - - - - (794,168) - - (794,168)
--------------- ---------- -------- ----------- ---------- ------------ ------------ ------------ ------------
At 31 December
2015 1,402,100 8,400 200,000 (418,225) 4,230,206 3,598 839,157 6,265,236
--------------- ---------- -------- ----------- ---------- ------------ ------------ ------------ ------------
Profit for
period - - - - 10,582 - - 10,582
--------------- ---------- -------- ----------- ---------- ------------ ------------ ------------ ------------
Other
comprehensive
income - - - - - 308,782 - 308,782
--------------- ---------- -------- ----------- ---------- ------------ ------------ ------------ ------------
Recognition of
share
based payment - - - - 42,000 - - 42,000
--------------- ---------- -------- ----------- ---------- ------------ ------------ ------------ ------------
Transfer from
revaluation
reserve - - - - 22,824 - (22,824) -
--------------- ---------- -------- ----------- ---------- ------------ ------------ ------------ ------------
At 30 June
2016 1,402,100 8,400 200,000 (418,225) 4,305,612 312,380 816,333 6,626,600
--------------- ---------- -------- ----------- ---------- ------------ ------------ ------------ ------------
PENNANT INTERNATIONAL GROUP plc
NOTES TO THE FINANCIAL INFORMATION for the six months ended 30
June 2016
1. Basis of preparation
This condensed set of financial statements has been prepared
using accounting policies expected to be adopted for the year
ending 31 December 2016. These are anticipated to be consistent
with those applied in the Group's latest annual audited financial
statements for the year ended 31 December 2015. These accounting
policies are drawn up in accordance with International Accounting
Standards and International Financial Reporting Standards as issued
by the International Accounting Standards Board and adopted by the
EU.
The comparative figures for the year ended 31 December 2015 set
out in this Interim Report are not statutory accounts. A copy of
the statutory accounts for that year has been delivered to the
Registrar of Companies. The auditors reported on those accounts;
their report was unqualified, did not draw attention to any matters
by way of emphasis and did not contain a statement under s498 (2)
or s498(3) of the Companies Act 2006.
AIM-listed companies are not required to comply with IAS34
'Interim Financial Reporting' and the company has taken advantage
of this exemption.
2. Taxation
The taxation charge for the period is based on the estimated
rate of tax that is likely to be effective for the full year to 31
December 2016.
3. Earnings per share
Basic earnings per share are calculated by dividing the profit
for the period attributable to the shareholders by the weighted
average number of shares in issue. The calculation of diluted
earnings per share takes into account the potentially diluting
effect of share options.
Six months Six months Year ended
ended 30 June ended 30 June 31 December
2016 2015 2015
---------------------------------- --------------- --------------- --------------
GBP GBP GBP
---------------------------------- --------------- --------------- --------------
Earnings
---------------------------------- --------------- --------------- --------------
Net profit /( loss) attributable
to equity shareholders 10,582 (755,799) (2,305,734)
---------------------------------- --------------- --------------- --------------
Number of shares Number Number Number
---------------------------------- --------------- --------------- --------------
Weighted average number
of ordinary shares 26,472,261 26,472,261 26,472,261
---------------------------------- --------------- --------------- --------------
Diluting effect of share
options 2,077,619 1,348,810 1,508,214
---------------------------------- --------------- --------------- --------------
Weighted average number
of ordinary shares for
the purpose of dilutive
earnings per share 28,549,880 27,821,071 27,980,475
---------------------------------- --------------- --------------- --------------
4. Cash generated from operations
Six months Six months Year ended
ended 30 June ended 30 June 31 December
2016 2015 2015
------------------------------- --------------- --------------- -------------
GBP GBP GBP
------------------------------- --------------- --------------- -------------
Profit / (Loss) for the
period 10,582 (755,799) (2,305,734)
------------------------------- --------------- --------------- -------------
Finance income (810) (3,599) (4,905)
------------------------------- --------------- --------------- -------------
Finance costs 387 9,042 25,682
------------------------------- --------------- --------------- -------------
Income tax (credit) - - (72,445)
------------------------------- --------------- --------------- -------------
Depreciation of property,
plant and equipment 134,625 132,883 305,940
------------------------------- --------------- --------------- -------------
Amortisation of other
intangible assets 153,048 156,860 313,580
------------------------------- --------------- --------------- -------------
Share-based payment 42,000 24,000 76,857
------------------------------- --------------- --------------- -------------
Operating cash flows before
movement in working capital 339,832 (436,613) (1,661,025)
------------------------------- --------------- --------------- -------------
(Increase)/ decrease in
receivables (1,412,674) (318,219) 1,639,691
------------------------------- --------------- --------------- -------------
(Increase) in inventories - (854) (854)
------------------------------- --------------- --------------- -------------
Increase/(decrease) in
payables 2,238,411 (1,017,148) 478,900
------------------------------- --------------- --------------- -------------
Increase/(decrease) in
deferred revenue 87,414 12,606 (54,511)
------------------------------- --------------- --------------- -------------
Cash generated from/(used
in) operations 1,252,983 (1,760,228) 402,201
------------------------------- --------------- --------------- -------------
Tax (paid) / refund (29,322) 724,045 720,768
------------------------------- --------------- --------------- -------------
Interest paid (387) (9,042) (25,682)
------------------------------- --------------- --------------- -------------
Net cash generated from/(used
in) operations 1,223,274 (1,045,225) 1,097,287
------------------------------- --------------- --------------- -------------
5. Copies of this statement
Copies of this statement will be available on the Group's
website (www.pennantplc.co.uk) and from Pennant International Group
plc, Pennant Court, Staverton Technology Park, Cheltenham, GL51
6TL.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGUMABUPQPGQ
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