LONDON, July 2, 2026, 17:02 BST
- Pennant International Group plc (LON:PEN) finished the day at 28.00p, up a penny from 27.00p. After the London close, bid-offer quotes showed 27p/29p.
- Shares traded at 290,003 in volume, more than double the 114,780 average Investors Chronicle lists.
- Pennant posted no new company news in the last 48 hours. Its most recent stock-exchange filing is still the Siemens-channel sale from June 24.
- Investors are focused on execution, with the company’s market value at about £13 million, well below its £23.3 million contracted three-year order book.
Pennant International Group plc (LON:PEN) finished the session up on Thursday in London. More action was in the volume and the spread. The London Stock Exchange runs from 0800 to 1630 local time. This update comes after the close.
The AIM-listed stock finished at 28.00p, up from a previous close of 27.00p, according to Investors Chronicle data. Hargreaves Lansdown quoted a 27.00p sell and 29.00p buy, with 290,003 shares moving, market value at £13.34 million. AJ Bell matched the 27p/29p spread, showed a high trade at 29p, and listed market cap at £13.76 million.
| Thursday screen data | Figure | Investor read-through |
|---|---|---|
| Close | 28.00p vs 27.00p previous close | Closed up about 3.7% |
| Bid/offer | 27.00p / 29.00p | Spread is around 7.1% of the mid |
| Volume | 290,003 shares | Roughly 2.5x typical volume |
| Market value | About £13.3 mln-£13.8 mln | Small trades can move it |
| AIM comparison | Pennant +3.85%; FTSE AIM All-Share +0.50% | Outperformed the small-cap benchmark |
This is notable since there was no fresh RNS on Thursday. The last update listed by Pennant was back on June 24, covering the first Auxilium-GenS sale with Siemens. For a stock like this, with a wide bid-offer spread, swings like Thursday’s can reflect thin liquidity just as much as they point to buyers chasing news.
The June 24 update gave investors some details. Pennant said it closed its first Auxilium-GenS deal with Siemens Digital Industries Software, part of Siemens AG (ETR:SIE), selling to a North American digital engineering customer in defence, national security and space. CEO Phil Walker said the win was “although small” still “a significant milestone.” Pennant added that the RNS Reach statement wasn’t meant as an update to guidance.
The bigger number is in Canada. On June 12, Pennant said the Canadian government gave Pennant Canada a framework contract for Auxilium services on maritime programs for the Department for National Defence. The company put the five-year value at C$15 million based on past usage, and as much as C$35 million if fully extended out to 11 years. There’s no minimum value on the deal. Walker said Pennant has “secured this new framework contract with the Canadian DND.”
With Wise’s July 2 rate of C$1 at £0.5277, the full C$35 million deal would work out to about £18.5 million before any contract discount. That’s around 1.4 times what Hargreaves Lansdown says is Pennant’s current market value. The first C$15 million piece comes to roughly £7.9 million, or close to 59% of Pennant’s market cap.
| Measure | Reported or derived size | Against about £13.34 mln market value |
|---|---|---|
| FY25 revenue | £9.7 mln | Market value runs 1.4 times ahead of revenue |
| Contracted three-year order book | £23.3 mln | Market is around 57% of the order book |
| FY25 software ARR | £2.4 mln | Market value works out to roughly 5.6 times ARR |
| FY26 software ARR goal | More than £3.0 mln | Market at less than 4.5 times target ARR |
| Canadian DND framework, full term | About £18.5 mln equivalent | 1.4 times market value |
| Canadian DND framework, initial estimate | About £7.9 mln equivalent | 59% of market value |
The March numbers from Pennant show why investors are focused on software orders instead of the older training-systems cycle. Revenue dropped to £9.7 million in 2025 from £13.8 million in 2024. Order intake, though, hit £18 million, and Pennant’s contracted order book for three years jumped to £23.3 million from £15.9 million. Software annual recurring revenue climbed 26% to £2.4 million. Net debt now stands at £0.5 million, reduced from £2.3 million.
Chair Ian Dighé called 2025 a “reset year,” adding the group is going into 2026 with “strong fundamentals and order momentum.” Walker said software ARR should top £3.0 million by the end of FY26, and said Pennant is targeting break-even adjusted PBT for FY26.
The window to buy the stock looks tight. Pennant trades for less than its signed order book, but the Canadian contract isn’t locked at C$35 million. The bid-ask spread adds risk—returns may move before Pennant lands another order, gets a renewal, or posts a new cash update.
Investors Chronicle last rated Pennant a “Hold” at 27.00p on June 29. Its tearsheet listed shares 9.68% off their 52-week high of 31.00p from July 21, 2025. Investors Chronicle
Pennant is aiming for software ARR north of £4 million by 2028, with an adjusted pre-tax margin of 10%. Getting there from FY25 means software ARR has to jump by at least two-thirds.
