Ahead of forthcoming FY results from PEN, we anticipate FY22E to feature a meaningful (c.£1.3m) positive profit swing, in turn reflecting the ongoing progressive mix change towards higher margin earnings together with a reduced cost-base. PEN supplies software / integrated product support solutions to an extensive client list of OEM's and governments, with an increasing accent on software products/ services (which in turn results in maintenance revenues over the longer term). The company's acqu ....
