Petards

Final Results for the Year Ended 31 December 2015

15 March 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 2015.|

PETARDS GROUP PLC

FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015

Petards Group plc ('Petards'), the AIM quoted developer of advanced security and surveillance systems, reports its audited results for the year ended 31 December 2015.

Key points:

  • Financial
    • Results for 2015
      • Revenues £13.1 million (2014: £13.5 million)
      • Gross margin up to 35.2% from 30.4% in 2014
      • EBITDA increased 24% to £1,260,000 (2014: £1,015,000)
      • Operating profit increased 22% to £935,000 (2014: £769,000 profit)
      • Profit after tax £765,000 (2014: £620,000 profit)
    • Finance
      • Generated £1.2 million of operating cash inflows (2014: £0.8 million)
      • Cash at 31 December 2015 £2.5 million (31 Dec 2014: £1.4 million) and no bank debt
      • Convertible loan notes of £1.5 million maturing in September 2018 providing long term finance (31 Dec 2014: £1.5 million)
      • Basic EPS increased 22% to 2.19p earnings per share (2014: 1.80p)
      • Diluted EPS increased 18% to 1.62p earnings per share (2014: 1.37p per share)
  • Operational
    • Closing order book £16 million (2014: £20 million)
    • Order book for eyeTrain maintained with significant orders received from Siemens Mobility, Bombardier Transportation and Hitachi Rail Europe
    • ProVida revenues up 35% on 2014
    • Defence order intake disappointing but signs of improvement in Q1 2016
    • Recurring revenue orders for eyeTrain spares and support were 90% ahead of 2014
    • Export revenues increased by 25% and totalled 26% of Group revenues
  • Outlook
    • Current order book contains £11 million scheduled for delivery in 2016

Raschid Abdullah, Chairman of Petards, commented:

“Our strong opening order book together with recently received orders provides £11 million of revenues that are presently scheduled for delivery in 2016. With new projects still under discussion, the board is confident that the Group is well positioned to achieve another good year’s performance in 2016.”

 

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