Petards

Interim Results Announcement

25 September 2009

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 2009.|

Highlights

  • Revenues lower at £6.6m (2008: £10.5m)
  • Gross margins increased to 36.5% (2008: 30.4%)
  • Profit before tax of £242,000 (2008: £305,000)
  • Basic and diluted earnings per share of 0.04p (2008: 0.05p)
  • Strong operating cash £0.6m inflow (2008: £0.4m outflow)
  • Significant reduction in net debt to £1.8m (30 June 2008: £2.8m)
  • Outlook for stronger second half and full year profits in line with market expectations

Commenting on the current outlook, Tim Wightman, Chairman, said:

"As I reported at our AGM, revenues for 2009 are weighted towards the second half and we now have secured substantially all of the orders we require to meet current trading expectations for the year. Due to the timing of the receipt of orders, the final quarter is expected to be a particularly busy period.

The efforts we have been making to increase customer awareness of our rail transport and emergency services products in overseas markets appear to be starting to bear some fruit and despite likely cuts in defence spending, we are optimistic that orders for our ruggedised electronics expertise will grow over the coming year."

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