Petards

Interim Results 2006

29 September 2006

Petards Group plc ('Petards'), the AIM quoted developer of advanced surveillance systems, announces interim results for the six months to 30 June 2006, a period during which it continues to implement its strategy to transform itself into a focused Group capable of making sustainable profits and cash flows.|

In his statement to shareholders, Tim Wightman, Chairman, said:

"From an operational perspective we have now completed the structural changes necessary to implement the Board's longer term strategy that was embarked upon over 18 months ago. That strategy was to put in place a structure that enabled the Group to exploit the synergies that exist between its various businesses. Those synergies arise from an overlap between the businesses and are a combination of operational, technological and market factors."

Financial Highlights

  • Turnover of £10.4m (2005: £13.0m - inc. exceptional increase in defence sales in H1 2005)
  • Gross profit of £3.6m (2005: £4.3m)
  • Operating loss before exceptional expenses from reorganisation of £179,000 (2005: £257,000 profit)
  • Operating loss after exceptional expenses of £598,000 (2005: £257,000 profit)
  • Loss before tax of £736,000 (2005: £83,000 loss)
  • Loss per share of 0.12p (2005: 0.02p loss)
  • Operating cash inflow of £345,000 (2005: £432,000 outflow)
  • No dividend (2005: nil)

Other highlights

  • Centralisation to Gateshead site expected to result in approximately £0.6m savings in 2007 (with £0.4m exceptional costs charged in current period)
  • Further exploitation of synergies between technologies used on different platforms
  • £1.8m contract to supply and install eyeTrain™ on 133 trains for Arriva Trains Wales
  • £0.9m repeat order to supply displays to Alstom for Belgian railways
  • £2m countermeasures orders from UK MoD for the Royal Navy and Army Lynx aircraft
  • £0.25m countermeasures order from Bell Helicopters for the Norwegian Air Force
  • Growing market presence in the USA for Group technologies
  • EIMC, acquired in March 2006, has performed well
  • Appointment of Bill Conn as Group Chief Executive

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