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Defence sector training services provider Pennant International swung to a full-year loss and did not recommend a final dividend after contract delays weakened its revenue and margins.
Pre-tax losses for the year through December amounted to £1.62m, compared to a profit of £3.2m on-year.
Revenue fell to £20.4m, from £21.1m, while gross margins contracted to 36%, back from 39%.
'2019 was a challenging year for Pennant,' chairman Simon Moore said.
'Delays to expected contract awards and a drawn-out re-basing of a key programme, all conspired to reduce activity levels, slow progress and place margins under increasing pressure.'
Moore said necessary steps were taken during the year to mitigate those issues, including implementation of a wide-ranging cost reduction and restructuring exercise.
'In light of the ongoing Covid-19 pandemic, the economic outlook across the globe remains highly uncertain,' he added.
'Much will depend on the stimulus packages that governments make available to support impacted businesses and the wider economy.'
At 9:13am: (LON:PEN) Pennant International Group PLC share price was -1.5p at 37p