Petards

Interim Results Announcement

16 December 2008

Petards Group plc ('Petards'), the AIM quoted developer of advanced security and surveillance systems, announces interim results for the six months to 30 June 2008, which mark the Group's move into profitability.|

Financial Highlights

  • Turnover £10.5m (2007: £10.3m)
  • Operating profit increased to £422,000 (2007: £14,000 operating profit)
  • Profit before tax of £305,000 (2007: £131,000 loss)
  • Earnings per share of 0.05p (2007: 0.02p loss per share)
  • Net debt £2.8m (30 June 2007: £4.4m)

Other Highlights

  • Renegotiated £2.1m term loan and committed £1.75m working capital facilities secured into 2010
  • Emergency Services sales up almost 100% to £2.2m
  • Several significant defence orders won during the period

Commenting on the current outlook, Tim Wightman, Chairman, said:
"The renegotiated bank funding provides sufficient resources for the Group to fund its operations for the foreseeable future. Nevertheless, in line with several announcements during the current financial year, the Board is intent on maximising shareholder value, and it has reviewed several options including potential offers for the business (in whole or in part). None of these have crystallised satisfactorily, so the Board believes that the Group's objectives will be best advanced by the injection of new equity when practicable. It continues to be in discussions with its advisers concerning an increase in the equity capital base which will increase the Group's ability to take advantage of the growth opportunities that continue to present themselves."

"The Group began 2008 with an order book of £11.5m, 48% up on 2007 and has continued to win significant orders during 2008. The Group has traded profitably during the current year to date and the directors are confident that its future is secure."

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