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Pennant International losses deepen as pandemic hurts sales
StockMarketWire.com
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Training solutions group Pennant International booked a deeper annual loss after the pandemic put pressure on sales.
Pre-tax losses for the year through December amounted to £3.1 million, compared to year-on-year losses of £1.6 million.
Revenue fell by around a quarter to £15.1 million, down from £20.4 million, while gross profit margin shrank to 29%, from 36%.
Pennant declared no final dividend for the year.
'2020 was a challenging year across the globe, with Covid-19 impacting innumerable economies, industries, livelihoods and lives,' chairman Simon Moore said. 'Pennant was certainly not immune to the pandemic's effects.'
'During this challenging period we have built resilience into the business and have continued to deliver on the critical strategic objective of increasing the visibility and recurrence of earnings, especially those derived from software and services, not least through the acquisition of ADG.'
At 8:50am: (LON:PEN) Pennant International Group PLC share price was 0p at 34p
Story provided by StockMarketWire.com
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