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Return to profitability for Gateshead-based Petards

Gateshead-based Petards Group plc, the AIM quoted developer of advanced security and surveillance systems, has announced a return to profitability, as the company today released results for the year ended 31 December 2014.

Revenues more than doubled to £13.5m, up from £6.3m in 2013, whilst profit after tax increased to £0.6m, a far more pleasing figure than the £2.3 million loss reported in 2013.

Maintaining an order book to close at £20m, the same as 2013’s total, Petards was also successful in securing a five year framework agreement with Siemens Mobility Division, supplying train related products and services receiving over £3 million of orders to date.

Other significant orders secured during the year included: over £5.5m for electronic countermeasure related projects from the MOD, being re-awarded a framework contract by MOD to supply to it private mobile radio equipment, ancillaries and engineering support and further reported orders from other leading global train builders including Bombardier Transportation and Hitachi Europe.

Raschid Abdullah, Chairman of Petards, commented: “I am pleased to say for the year to date the Group has traded in line with expectations and that it remains well placed to add to the achievements of 2014.

“The visibility provided by the Group’s current forward order book and its pipeline of order prospects provides the Board with confidence that further progress will be made in 2015.”

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