Pennant International Group plc
Pennant International Group plc, founded in 1958 and AIM-listed since 1998, is a UK-headquartered provider of systems support software (the Auxilium suite), technical services and engineered training solutions to global defence departments, major OEMs and operators in civil/military aviation, defence, space and rail. It operates across two segments, Software & Services and Training Systems, with operations in the UK, Australia, Canada and the USA.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 20 Mar 2026 · 123 pages · Companies House
Pennant International Group plc makes software, technical services and training equipment for defence, aviation and rail customers. In the year to 31 December 2025 its revenue fell to £9.7m from £13.8m, while its loss after tax narrowed to £2.3m from £2.6m.
Sales dropped mainly because a contract with the tax authority HMRC was lost, technical writing work for Australia's defence department ended and a three-year Boeing Apache training contract finished. Savings from an earlier restructuring lowered running costs, and yearly software subscription income grew. The loss included one-off costs for restructuring and for a planned company purchase that was abandoned. A small gain on selling a property partly offset these costs.
Cash at the year end was £466k, and borrowings were £323k. The company raised £876k by issuing new shares and paid no dividend. Management expects to roughly break even on profit before one-off costs in 2026, helped by £23.3m of signed orders. However, the directors and the auditor flagged a "material uncertainty" over whether the company can keep going, because its cash plans rely on new business it has not yet won.
Auxilium software ARR growth via organic sales, new territories (Czech Republic, Denmark, Germany, Finland) and OEM partnership with Siemens Digital Industries Software
Number of users increased 8%; ARR rose to £2.4m (2024: £1.9m), the highest in Group history; signed global OEM partnership with Siemens Digital Industries Software and appointed sales reps in South Korea, Japan and India
page 142024/25 restructuring cost savings in Training Systems
Admin costs benefitted from realised savings from the 2024 restructuring exercise, falling to £6.6m (2024: £7.0m) after adjusting items
page 17Software ARR is expected to exceed £3.0 million by the end of FY26; Group anticipates a return to a break-even adjusted PBT position in FY26, supported by FY24-FY25 restructuring savings.
page 15No dividends paid in 2025 or 2024; Board not recommending a final dividend for FY2025, preferring to retain cash for working capital and growth execution.
page 1011 years on one page · FY2015–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
1 figure restated in a later report
Every figure is read again from the following year’s report: 382 confirmed, 14 differ, 1 restated.
No figure has been restated: every figure a later report printed again, it printed the same.
1 more figure was restated in FY2015 to FY2022, which a free account opens.