Member Article

Hefty losses at Team Valley's Petards

Petards, the Team Valley-based manufacturer of surveillance equipment, has revealed losses of £2.3 million in 2013.

The AIM listed manufacturer reported a scarcity of contracts in the first half of the year, and noted challenges associated with the delay of the Thameslink contract.

Despite the losses, bosses at the firm remained confident in the forward order book, particularly in rail contracts with Hitachi and Bombardier.

Around £11 million of orders were secured in the second half of the year including ones for Petards’ eyeTrain CCTV and passenger counting systems from major global train builders, and a £7 million for replacement of RAF’s Secure Management Radio Equipment capability (SMRE) for use in RAF stations.

Revenues had fallen significantly from around £9 million in 2012 to £6.3 million in 2013.

Some £1.1 million in one-off cost was associated with the firm’s equity swap deal with quarrying and waste management group Water Hall Group plc.

Raschid Abdullah, chairman of Petards, said: “Petards is no longer in retrenchment mode. The actions taken by management over the past year have served to place Petards in a strong financial position supported by an invigorated and committed management team well placed to rise to the challenges of 2014 and beyond.

“The strong visible forward order book and the positive start to the year positions the Company well for an improved performance for 2014.”

This was posted in Bdaily's Members' News section by Tom Keighley .