LONDON (ShareCast) - Pennant said the general sharp economic downturn in the second half of 2008 was challenging, pushing the logistics software developer into losses for the year and significantly lowering revenues.
Pre-tax losses came
in at £500,000 against the profit of £1.18m before on revenues that slid to £9.8m from £12.35m last time.
The group said the board has taken the necessary steps to reduce costs, continue diversification into markets other than defence, such as rail and power, and to develop further consultancy and support services.
"I am pleased to report that that the first quarter of 2009 has been encouraging despite the economic backdrop remaining poor," said executive chairman Christopher Powell.
"New relationships have been established; new prospects added to the pipeline and new orders won, substantially increasing the value of the order book. At this stage of the financial year any further new orders are expected to benefit 2010 and beyond, he added.
The group said in the current economic climate, it does not consider it appropriate to pay a final dividend.
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
