Pennant International Group PLC on Wednesday said it has swung to a profit in 2022, despite an annual decline in revenue.

Pennant shares were 14% higher at 32.40 pence each in London on Wednesday morning.

The Cheltenham, Gloucestershire-based training technology and product support provider said it turned to positive earnings before interest, tax, depreciation and amortisation of around £500,000, compared to negative Ebitda of £800,000 in 2021.

This is despite an anticipated 14% fall in revenue to £13.7 million from £16.0 million.

Chief Executive Officer Phil Walker added that Pennant enters 2023 ‘with a real sense of momentum’, after re-aligning the cost base, improving gross margins, and recording a ‘healthy’ contracted order book in 2022.

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