Petards

Interim Results Anouncement

22 September 2010

Petards Group plc ('Petards'), the AIM quoted developer of advanced security and surveillance systems, reports its interim results for the six months to 30 June 2010.|

Financial Highlights

  • Revenues of £5.3m (2009: £6.6m)
  • Gross margins increased to 41.1% (2009: 36.5%)
  • Profit before tax of £115,000 (2009: £242,000)
  • Basic and diluted earnings per share of 0.02p (2009: 0.04p)
  • Net cash outflow from operating activities of £0.9m (2009: £0.6m inflow) due to early receipt of over £1m in H2 '09 for which related cash outflows occurred in early 2010
  • Net debt of £1.9m (2009: £1.8m)

Operational Highlights

  • Overseas revenues up to £1.4m (2009: £0.8m) due to increased eyeTrain sales
  • Revenues for emergency services and defence products lower than in 2009
  • Delivery of on-board CCTV on East Coast Trains accounts for c. 20% of revenues
  • New win customer with Spanish train builder, Vossloh
  • Pipeline of opportunities for rail business is strong

Commenting on the current outlook, Tim Wightman, Chairman, said: "We expect results for the second half to be slightly weaker than in the first half. Although revenue should be higher, margins are expected to be lower. However, we do anticipate a significant order intake in the balance of the year which will provide a good base from which to build for 2011."

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