Petards

Final Results for the Year Ended 31 December 2016

14 March 2017

Petards Group plc ('Petards'), the AIM quoted developer of advanced security and surveillance systems, reports its audited results for the year ended 31 December 2016.|

PETARDS GROUP PLC

FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2016

Petards Group plc ('Petards'), the AIM quoted developer of advanced security and surveillance systems, reports its audited results for the year ended 31 December 2016.

Key points:

  • Financial
    • Results for 2016
      • Revenues up 17% to £15.3 million (2015: £13.1 million)
      • Gross margin up to 36.3% from 35.2% in 2015
      • EBITDA increased 28% to £1,621,000 (2015: £1,266,000)
      • Operating profit increased 17% to £1,095,000 (2015: £935,000 profit)
      • Profit after tax £910,000 (2015: £765,000 profit)
    • Finance
      • Generated £1 million of operating cash inflows (2015: £1.2 million)
      • Cash at 31 December 2016 £2.3 million (31 Dec 2015: £2.5 million) and no bank debt
      • Basic EPS increased 18% to 2.59p earnings per share (2015: 2.19p)
      • Diluted EPS increased 15% to 1.86p earnings per share (2015: 1.62p per share)
  • Operational
    • Closing order book £20 million (2015: £16 million)
    • Order book grew by £8 million in the second half of 2016 with orders received from Siemens Mobility, Bombardier Transportation, Greater Western Rail, Hitachi Rail Europe and the MOD
    • Exports increased by 57% to £5.3 million and comprise over one third of Group revenues
    • Acquisition of QRO Solutions successfully completed in April 2016 for net cash consideration of £239,000 contributing £78,000 to EBITDA before acquisition expenses
    • Investment made in
      • Development of eyeTrain range particularly focus on software features
      • Expansion of the Group's software development personnel and facilities
  • Outlook
    • Current order book includes £12 million scheduled for delivery in 2017

Raschid Abdullah, Chairman of Petards, commented:

"In light of the strength of the Group's order book containing orders of £12 million expected to be shipped and taken to revenue during 2017, and ongoing discussions with both new and existing customers for further exciting projects, the board remains confident about the future prospects of the Group for 2017."

 

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