reports
- Hybridan Team
- Jon Levinson
Friday Take Away: 19 September 2025
19th September 2025 Alphabetically arranged Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication. Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement. Providing services to large clients has risk and rewards; it could be a rewarding time for these two companies HERC Energy boost PEN Operationally Ready
- Robin Byde
Pennant International (PEN LN) - H1 in line, outlook improving - BUY
Trading has been challenging for Pennant as it repositions to offer its customers more software and technical services, primarily in the product lifecycle management vertical. Over time these activities should generate more recurring, repeatable and predictable revenues, combined with higher margins. H1 earnings reflect the impact of this disruption with reduced revenue and widening losses. Part of the reason for increased H1 losses was the up-front costs to support new activities and contracts....
- Robin Byde
Pennant International (PEN LN) - Software activity growing but delay t...
Pennant has provided a brief trading update for H1. Revenue will be £4.5m against £7.4m in H124 (-39.2%), partly reflecting the pivot from legacy product areas to more software and services, which now account for 88% of sales. Gross margin was down slightly at 45% (H124: 48%), adjusted LBT was £1.7m (H124: LBT £0.4m) and net debt stood at £2.0m (H124: £1.6m). Half year results were broadly in line with our expectations; the main issue is the outlook. Pennant stated on 3 July that it expected 202...
- Hybridan Team
Hybridan Small Cap Feast: 14/07/2025
* A corporate client of Hybridan LLP. ** Potential means Intention to Float (ITF) or similar announcement has been made. ***Arranged by type of listing and date of announcement. ****Alphabetically arranged and Closing Price on prior day to Publication. Dish of the day Admissions: None Delistings: None What’s baking in the oven? Potential** Initial Public Offerings:*** Updated 10th June: iFOREX Financial Trading, the fintech business with a proprietary online and mobile...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 03/07/2025
* A corporate client of Hybridan LLP. ** Potential means Intention to Float (ITF) or similar announcement has been made. ***Arranged by type of listing and date of announcement. ****Alphabetically arranged and Closing Price on prior day to Publication. Dish of the day Admissions: None Delistings: De La Rue (DLAR) and Direct Line Insurance (DLG) have left the Main Market. What’s baking in the oven? Potential** Initial Public Offerings:*** Updated 10th June: iFOREX Fin...
- Robin Byde
Pennant International (PEN LN) - Trading in line with market expectati...
Pennant has provided a brief trading update following the half year period end. Good progress has been made concluding planned property disposals. Trading is progressing well with reportedly good levels of interest across the Group’s range of products and services. Negotiations with the UK Ministry of Defence on the GenFly technology upgrade contract are progressing with a formal award likely in Q3. Overall, management is confident that it can meet current market earnings expectations for the fu...
- Robin Byde
Pennant International (PEN LN) - A transformational year - Corporate
Pennant has reported in-line full-year results but, more importantly, has completed a strategic repositioning to accelerate growth in its Software & Technical Services businesses. These units should generate more predictable revenue, higher gross and net margins, and improved cash conversion. To this end, the Group has just released an updated version of its market-leading Auxilium product lifecycle management software solution; Q1 user numbers are on target. Our forecasts for 2025E are aligned ...
- Robin Byde
Pennant International (PEN LN) - Positive updates on GenFly contract a...
Pennant has issued a positive update on the GenFly contract with the UK Ministry of Defence (MOD). The MOD announced on 23 October 2024 its intention to contract with Pennant for a wide-ranging technology upgrade to the RAF’s GenFly training systems. The Group has now received an “Invitation to Negotiate” (ITN) to commence contract negotiations. Pennant says that the anticipated contract value is confirmed at c.£4.9m, subject to agreeing final terms. It is expected to commence in Q3 2025E. Separ...
Pennant International Group: 3 directors
Three Directors at Pennant International Group bought/maiden bought 174,894 shares at between 26p and 27p. The significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's ...
- Nick Spoliar
Audio Note: Pennant International - Transformation programme to spark ...
In this audio note, Zeus’ Nick Spoliar summarises the investment case for Pennant International. PEN’s update demonstrates the proactive progress the company is making as it moves towards the post-launch phase on major software products.
- Nick Spoliar
Pennant International (PEN LN) - Transformation programme to spark ups...
PEN’s update this morning demonstrates the proactive progress the company is making as it moves towards the post-launch phase on major software products. PEN is a technology-driven leader in providing system support software and services globally, while also delivering related technical services and training solutions, supporting its clients with every aspect of complex asset life cycles Critically, the shift in the company’s business model positions PEN well for future growth based on higher ma...
- Nick Spoliar
- Nick Spoliar
Audio Note: Pennant International - Positive results, change momentum ...
In this audio note, Zeus’ Nick Spoliar summarises the investment case for Pennant International. H1 results from PEN mark a positive half-way point to full-year expectations, with revenues more than halfway to consensus forecasts, the gross profit enhanced by 50 basis points and a reduced pre-tax loss (before non-underlying costs).
- Nick Spoliar
Pennant International (PEN LN) - Positive results, change momentum gat...
H1 results from PEN this morning mark a positive half-way point to full-year expectations, with revenues more than halfway to consensus forecasts, the gross profit enhanced by 50 basis points and a reduced pre-tax loss (before non-underlying costs). PEN provides software, integrated product support solutions and complex training systems to well-known OEM’s and to governments, with the global defence sector accounting for as much as 80% of revenues. There is material – and encouraging – new news ...
- Charlie Cullen
Pennant International (PEN LN) - A solid start to the year
PEN’s H1-24E trading update this morning highlights progress during the first half, together with (a) a reminder of the major software launch impending in H2, and (b), “material” prospects which the company appears well-placed to convert in the second half, assuming that PEN can build on H1 operational delivery to capture the benefits of a buoyant bidding environment driven by the animated global defence sector. PEN provides software, integrated product support solutions and complex training sys...
Hybridan Small Cap Feast - 21 June 2024
21st June 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: Chamberlin (CMH.L) has delisted from the AIM market. What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 19 June 2024: IntelliAM, an artificial intelligence company focused on the consumer goods industry, is...
Hybridan Small Cap Feast - 24 May 24
24th May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to t...
Hybridan Small Cap Feast - 14 May 2024
14th May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to trading on the Aquis Stock Exchange...
Hybridan Small Cap Feast: 07 Feb 24
7th February 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
Hybridan Small Cap Feast - 11 Sep 23
11th September 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment ob...
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