**Summary**
Pennant International Group PLC, a systems support software and training solutions company, released its final results for the year ended 31 December 2025. Despite a challenging year with revenue decline to £9.7 million (from £13.8 million in 2024), the company strengthened its order book to £23.3 million, with £9.7 million scheduled for delivery in 2026. Software Annual Recurring Revenue (ARR) grew by 26% to £2.4 million, and 60% of revenues are now recurring. The company maintained strong gross margins at 49% but reported an adjusted EBITDA loss of £0.4 million and an adjusted loss before tax of £1.9 million. Net debt reduced to £0.5 million, and the company invested £1.5 million in its Auxilium software. Strategic highlights include completing the Training Systems business streamlining, progressing the Auxilium Development Programme, and signing a global OEM partnership with Siemens. Post-period, a Training Systems contract was secured in the nuclear sector. Management anticipates software ARR to exceed £3.0 million by the end of FY26 and aims for a return to break-even adjusted PBT in FY26. The company’s three-year strategy focuses on growing software ARR to £4 million, returning Technical Service revenues to £7.0 million, and achieving adjusted EBITDA and PBT margins of 20% and 10%, respectively, by 2028. An investor presentation is scheduled for 24 March 2026.
| Financial Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Revenues (£ million) | 13.8 | 9.7 | -29.7% |
| Order Intake (£ million) | 15.9 | 18.0 | +13.2% |
| Software ARR (£ million) | 1.9 | 2.4 | +26.3% |
| Gross Margin (%) | 50% | 49% | -2.0% |
| Adjusted EBITDA (£ million) | 1.7 | -0.4 | -123.5% |
| Adjusted Loss Before Tax (£ million) | -0.3 | -1.9 | -533.3% |
| Statutory Loss Before Tax (£ million) | -3.0 | -2.5 | -16.7% |
| Net Debt (£ million) | 2.3 | 0.5 | -78.3% |