Partner Article

Petards forges ahead

AIM-listed CCTV firm Petards has enjoyed a 45% surge in annual pre-tax profits to £1m as it continues to grow its presence in Europe and the Middle East.

The Gateshead firm said it is confident of ongoing expansion on the back of a number of key contract wins in the year ending 31 December 2009, including a £4m deal to supply its eyeTrain product to a train manufacturing company.

It has also “substantially completed” a £2.5m order for electronic countermeasures for MoD helicopters.

Operating profits at the business were up 34% to £1.3m (2008: £0.9m) while term of £1.45m bank loan now extended through to December 2012.

Chairman Tim Wightman said: “Our pipeline of sales opportunities across our business continues to increase and we are confident that the markets in which we operate will continue to expand.

“The degree of uncertainty over UK Government actions that may be taken post the forthcoming election may well affect spending by our UK customers.

“While your Board remains confident for the future, its expectation is for modest progress in 2010.”

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