Petards

Preliminary Results Announcement

04 May 2011

Petards Group plc ('Petards'), the AIM quoted developer of advanced security and surveillance systems, reports its audited result for the year ended 31 December 2010.|

Despite the significant impact on revenues resulting from the Strategic Defence and Security Review and the Comprehensive Spending Review, Petards is pleased to report that the Group remained profitable during the year and secured a number of important orders.

Financial results

  • Profit before tax £0.1m (2009: £1.0m)
  • Profit after tax £0.4m (2009: £1.1m)
  • Gross margins 38% (2009: 38%)
  • Net debt at 31 December 2010 £2.0m (Dec 2009: £0.7m)
  • Basic and diluted EPS of 0.06p (2009: 0.17p)

Other highlights

  • £4m eyeTrain orders from Bombardier and Transys to upgrade Southeastern Trains' fleet
  • Deliveries for £3m East Coast Mainline project completed to schedule and budget
  • Customer spending in defence and emergency services industries impacted by government spending
  • Continued investment in technologies relating to eyeTrain and ProVida product ranges

Tim Wightman, Chairman of Petards, commented:

"We are confident in our strategy to invest in our products and develop technologies that enable us to be competitive in our chosen markets. We believe these markets continue to be attractive with the potential to yield good returns for the Group, although in the shorter term the UK defence and emergency services industries are likely to remain difficult.

As we have indicated previously, as a consequence of some significant orders being secured towards the end of 2010, the Board expects that the phasing of deliveries will result in 2011 revenues being weighted towards the second half of the year."

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