LONDON (ShareCast) - Logistics support specialist Pennant International posted a fifty per cent increase in half year pre-tax profit and raised its dividend payment by a third.

The group, makes training simulators and computer based training for military and commercial aerospace, said pre-tax profit rose to £1.14m in the half-year to end-June from £0.75m a year earlier. Revenues increased by 38% to £9.8m while basic earnings per share increased by 50% to 3.31p.

Commenting on current trading and the group's prospects, Chairman Christopher Powell added: "The order book provides good visibility through 2014 and beyond. During the period there has been significant ongoing activity with a broad global spread of potential customers on a number of significant opportunities, particularly in the defence and rail sectors."

"The pipeline is robust and active and the group's good relationships with its customers and strong balance sheet continue to provide a strong platform from which to build and to realize the opportunities arising."

Net cash fell to £1.17m compared to £2.07m a year earlier and the group has no borrowings.

The interim dividend has been increased to 0.8p per share from 0.6p in 2012.

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