Company Announcements

3 September 2024

PENNANT INTERNATIONAL GROUP PLC

("Pennant", the "Company" or the "Group")

Appointment of Non-Executive Director

and Interim CFO

Evolution of board and senior management team through two appointments

Pennant International Group plc (AIM:PEN), the systems support and training solutions company, is pleased to announce the appointment of Klaas van der Leest as Non-Executive Director with immediate effect. Mr van der Leest has an extensive track record of growing software-led businesses and has significant expertise in product delivery, sales development, and marketing strategies.

Mr van der Leest is currently Chief Executive Officer of Intercede Group PLC, an AIM-quoted cybersecurity business which has seen revenue growth of 100% since his appointment in 2018. Prior to Intercede, he was Managing Director at Intelecom UK Ltd., an independent private equity-backed communications SaaS business, leading the organisation's transformation, and trebling subscription licence sales over a three-year period. Mr Van der Leest has held various other senior executive positions for UK technology businesses with a focus on product development and sales strategies.

The Company also announces the appointment of Darren Wiggins as Interim CFO on an eight-month fixed term contract with effect from 16 September 2024 (a non-Board appointment). Mr Wiggins is a chartered accountant and an experienced executive having previously held senior finance and operational roles within Meggitt Aerospace and Melrose plc. With strong experience in strategic financial planning, Mr Wiggins will be providing full support to the Board as the Group heads towards year-end and into 2025.

Ian Dighé, Chairman, commented:

"We are delighted to welcome Klaas to the Board as a Non-Executive Director. His considerable public market experience together with his track record of supporting growing technology-led businesses will undoubtedly be an invaluable asset to Pennant as it evolves its proprietary integrated software suite. The Board looks forward to working with Klaas and leveraging his knowledge and experience to support the Company through its next stage of growth."

"The Board also welcomes Darren as interim CFO, whose significant operational, financial and industry expertise will further strengthen and complement the skillsets of the existing senior management team." 

Further disclosures pursuant to Schedule Two, paragraph (g) of the AIM Rules for Companies.

Klaas Peter van der Leest is currently or has previously been a director or partner of the following companies or partnerships within the past five years.

Mr van der Leest does not hold an interest in the Company's share capital.

Enquiries:

Notes to editors:

Pennant International Group plc (AIM: PEN) is a technology driven, leading global provider of system support services, technical services, and training solutions. It supports its global customer base in the design, development, operation, maintenance, and training of complex assets, to maximise operational and maintenance efficiency.

Its key markets include Aerospace, Defence and Rail, and adjacent safety-critical markets such as Shipping, Nuclear and Space.

 The Group addresses the market through three key business lines:

•     Systems support: software tools designed to help clients: manage and use complex data; ensure equipment availability at optimal cost; and comply with industry standards.  Its Integrated Product Support (IPS) and Integrated Logistics Support (ILS) software and services equips customers with powerful market-leading toolsets to manage, model and utilise complex equipment data.

•     Training solutions: provide hardware, software and virtual solutions, critical skills training for maintainers and operators of aircraft, ships and land systems.

•     Technical services: support all Pennant's software and training solutions including consultancy, support and maintenance, training and bespoke development.

The Company's full product suite encompasses consultancy, technical documentation, rail services, training services, and bespoke engineering solutions.

Pennant is strategically focused on sustainable recurring revenue and profitability growth, shifting its model towards high margin software and services. Against a climate of rising defence budgets and the burgeoning technological complexity of military, aviation and rail platforms, the demand for these solutions is expected to grow substantially.

Headquartered in Cheltenham, UK, the Group operates worldwide, with offices in Europe, North America and Indo-Pacific, serving markets with high barriers to entry often in regulated industries.