Pennant International Group plc announces Preliminary Results for the Financial Year Ended 31 December 2019.
Commenting on the Group’s performance, Simon Moore, Chairman, said: “2019 was a challenging year for Pennant. 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. During the year, the necessary steps were taken to mitigate these issues including implementation of a wide-ranging cost reduction and restructuring exercise. Despite these challenges, the Group has continued to deliver its key services contracts and successfully achieved acceptance of products.”