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Petards surveys overseas markets

Surveillance technology firm Petards is eyeing up new opportunities in Eastern Europe and overseas defence markets on the back of a £1.5m deal.

Later this year, the £18m-a-year Gateshead company will start work on a lucrative contract to supply its digital CCTV technology to trains running between Stansted Airport and central London.

The AIM-listed group’s ‘eyeTrain’ product will be installed on the new Electrostar Emu trains currently being developed by Bombardier Transportation.

However the deal, which will see thirty new four-carriage trains fitted with the technology by 2011, is just the start of the firm’s expansion plans for the year ahead.

Chief executive Bill Conn said the company - which employs over 100 people on the Team Valley trading estate – was hopeful of a positive year of growth in 2010 as it explores a number of new opportunities.

He said: “We see lots of opportunities this year and I feel more confident [looking ahead].

“We are heavily involved in the defence sector and are bidding for some defence work in the UK and overseas and also in the emergency and police services sector.

“We also see new opportunities in Eastern Europe as more countries join the European community and open up.”

Around 50% of Petards’ revenues come from overseas contracts and the company has an office in the US in Baltimore, alongside a network of international sales representatives.

The firm joined the AIM in 1997 and has made a number of large acquisitions in the last decade including the takeover of rail and defence group Joyce-Loeble – a move which doubled its size in 2001.

Petards has been involved in on-board CCTV systems for the rail industry for the last 10 years.

Its latest products have the ability to automatically count passenger numbers and can also be incorporated into entertainment and public information services.

Bombardier is a German company which has a presence in over 60 countries and manufactures commercial aircraft, business jets and trains.

This was posted in Bdaily's Members' News section by Ruth Mitchell .