Petards

2009 Final Results

26 April 2010

Petards Group plc ('Petards'), the AIM quoted developer of advanced security and surveillance systems, announces preliminary audited results for the year ended 31 December 2009, which report a significant growth in profits and cash generation.|

Financial results

  • Operating profits up 34% to £1.3m (2008: £0.9m)
  • Profit before tax up 45% to £1.0m (2008: £0.7m)
  • Gross margins up to 38% (2008: 32%)
  • Strong operating cash inflows £2.0m (2008: £0.5m)
  • Net debt significantly reduced to £0.7m as at 31 December 2009 (Dec 2008: £2.2m)
  • Basic and diluted EPS of 0.17p (2008: 0.16p)
  • Term of £1.45m bank loan now extended through to December 2012

Other highlights

  • Orders worth £4m from train builders for eyeTrain on new build trains
  • £3m eyeTrain order from East Coast Trains for major train refurbishment project
  • Growing penetration of new geographic markets including mainland Europe and the Middle East
  • £2.5m order for electronic countermeasures for MoD helicopters substantially completed
  • Continued investment in eyeTrain and ProVida product ranges

Commenting on the current outlook, Tim Wightman, Chairman, said: "Our pipeline of sales opportunities across our business continues to increase and we are confident that the markets in which we operate will continue to expand.

The degree of uncertainty over UK Government actions that may be taken post the forthcoming election may well affect spending by our UK customers.
While your Board remains confident for the future, its expectation is for modest progress in 2010".

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