TIDMPEN

Pennant International Group PLC

19 July 2019

FOR IMMEDIATE RELEASE

RNS REACH 19 July 2019

PENNANT INTERNATIONAL GROUP PLC

Acquisition of Track Access Services

Well-established rail services business brings additional expertise and high-quality customer base to Pennant's rail sector portfolio

Pennant International Group plc ("Pennant" or the "Group") is pleased to announce that it has acquired the business of Track Access Services Limited ("TAS"). The acquisition is part of the Group's continuing strategic expansion and further strengthens Pennant's offering to civilian sectors.

Established in 2002, and based in Cambridgeshire, TAS provides safety-critical services to train operating companies and rail infrastructure providers. TAS's current capabilities include rail driver training, rail survey services, laser and video scanning, 3D track models, signal siting and a subscription-based route video and mapping service. Customers include Network Rail and DB Cargo.

The TAS business is expected to generate 2019 revenues of circa GBP230,000 (on an annualised basis). The consideration payable by Pennant for the acquisition was GBP100,000 (settled in cash on completion).

Phil Walker, Group Chief Executive of Pennant commented:

"Pennant already has over 45 years' experience of working with rail industry partners and we see the sector as an important area for future growth. We are therefore delighted to welcome the TAS team as an exciting new addition to the Group, which significantly enhances our capabilities in the rail sector and aligns with the Group's strategy of diversifying into non-defence markets and increasing our services offering".

"Together, Pennant and TAS will be able to offer comprehensive, added value services through our combined experience, flexibility and expertise."

-Ends-

 
 Enquiries: 
 Pennant International Group plc 
 Philip Walker (Chief Executive Officer)       +44 (0) 1452 714914 
 
 
 
 Walbrook PR Limited                          +44 (0) 207 933 8780 
  Paul Vann/Tom Cooper                          +44 (0)7768 807631

About Pennant

Pennant International Group plc is quoted on the AIM market of The London Stock Exchange. It is a supplier of integrated training and support solutions, products and services globally, principally to the defence, rail, aerospace and naval sectors and to Government Departments.

   Website:                      www.pennantplc.co.uk 
   Pennant enquiries:      sales@pennantplc.co.uk or tel: +44 (0)1452 714914

About Track Access Services

TAS have been operating in the UK and Ireland for over 15 years, supplying a wide variety of services to road and rail industries in the transportation sector. TAS products are used extensively by organisations and transport industry users.

   Website:                      www.trackaccess.co.uk

Track Access Services enquiries: mail@trackaccess.co.uk or tel: +44 (0)1763 261708

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

NRAEKLBFKDFEBBD

(END) Dow Jones Newswires

July 19, 2019 02:00 ET (06:00 GMT)

Pennant (LSE:PEN)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024 Haga Click aquí para más Gráficas Pennant.
Pennant (LSE:PEN)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024 Haga Click aquí para más Gráficas Pennant.