Pennant International Group announces the following trading update ahead of the publication of its Interim Results for the six months ended 30 June 2019, which are scheduled to be released on 24 September 2019.
The Company stated in its 2018 Annual Report (published in March 2019) that it expected 2019 to be significantly weighted in favour of the second half of the year, with the majority of revenues for the year (and all profits) anticipated to be realised in H2 2019 upon the achievement of certain performance milestones on the Qatar contract.
The Company expects to report results for the ‘First Half’ which are slightly better than management’s expectations, with revenues of £7.25 million and an EBITA loss of £(1.49) million. Net cash stood at approximately £(0.35) million at the end of H1 2019.
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