Member Article

Petards reports pretax profit after series of major contract wins

Petards has reported a pretax profit of £273k for the last six month, in comparison to a pretax loss of £338k at this time last year.

The Gateshead-based developer of advanced security and surveillance systems has reported an increase in revenue to £7.16 million from £3.52 million at this stage last year.

During this period, the group has reported several significant wins including a five year contract with Siemens’ rail rail vehicle sector worth more than £1.5 million.

The group also won a three-year contract with MOD worth more than £4.5 million to work on countermeasures equipment fitted to its aircraft.

With an order book worth over £20 million, the group is expecting an equally successful second part of the year.

Raschid Abdullah, Petard’s chairman, said: “There continues to be opportunities for development and growth in all of our current product areas and we expect customers to be placing orders on a number of projects in the coming months which we believe we are well placed to secure.

The Board is confident about the Group’s prospects for the second half and beyond as whilst there is still work to be done this year in closing out new business, the present order book already provides a strong base going forward into 2015.“

This was posted in Bdaily's Members' News section by Ellen Forster .