Partner Article

Petards to beat expectations

AIM-listed CCTV firm Petards saw its share price surge yesterday after it predicted better-than-expected results at its upcoming annual report.

The Gateshead company said the year ending 31 December 2009 would show pre-tax profits surpass current market expectations.

The business also said cash generation in the second half of the year was stronger than envisaged and it expects to report net debt of approximately £0.8m at 31 December 2009, reduced from £1.8m at the end of June 2009.

A company spokesperson said: “Our financial position has been further strengthened following the extension of our term loan facilities.”

Last week Petards told bdaily it was targeting new opportunities in Eastern Europe and overseas defence markets after winning a £1.5m contract to supply its technology to trains running to and from Stanstead Airport.

The £18m-a-year company’s ‘eyeTrain’ product will be installed on the new Electrostar Emu trains currently being developed by Bombardier Transportation. Petards employs over 100 people on the Team Valley trading estate.

Shares in the company rose 29% to close at 0.55 yesterday.

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