Pennant starts 2026 confidently, cites 'strong platform for growth'
Pennant International Group PLC on Monday said 2025 was a ‘reset year’ after a major restructure of its Training Systems business, as it enters the new year with confidence and ‘clear market opportunities.’
The Cheltenham, England-based provider of systems support, technical services and training with focus on defence sector said it expects to report revenue of around £10.0 million for 2025, down 28% from £13.8 million in 2024.
The expected results for 2025 are in line with market expectations, Pennant said.
The company said it enters 2026 with a three-year contracted order book of £23.3 million. That includes £9.7 million scheduled for delivery in 2026, which represents about 75% of revenue market expectations for 2026, which is £13.0 million.
Penannt anticipates its software annual recurring revenue to grow to over £3.0 million by the end of 2026. For 2025, annual recurring revenue from Auxilium software products stood at £2.4 million, up 26% from £1.9 million in 2024.
The firm said: ‘Through disciplined program management to contract milestones, the group expects to achieve a positive operating cash-flow position such that ongoing investment in Auxilium product development is internally funded.’
Chief Executive Officer Phil Walker said: ‘2025 was a reset year for the group following the major restructure of the Training Systems business. While unexpected delays to contract awards presented challenges and impacted performance, we made significant progress in delivering our strategic plan and converting orders. These achievements have created a strong platform for growth, and we enter 2026 with confidence, underpinned by a robust pipeline and clear market opportunities.’
The company expects to release 2025 results on March 23.
Pennant shares rose 2.4% to 20.47 pence each on Monday afternoon in London.
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