Jamie Hardesty

Pretax profits surpass the half million pound mark for Gateshead’s Petards

Gateshead-based Petards Group, the developer of advanced security and surveillance systems, has reported pretax profits of £503k, a 6% increase on last year’s £475k total.

Releasing its interim results for the six months to 30 June 2017 this morning, the firm also revealed a total revenue rise of 8%, reaching the £8m milestone up on last year’s £7.4m.

The strong set of trading results stem from the group’s revenues generated from its eyeTrain products, which continued to grow and accounted for almost two thirds of Petards’ revenues.

The company’s eyeTrain technology provides products for on-board train video and sensing solutions, which are installed on thousands of rail vehicles around the globe

Commenting on the current outlook, Raschid Abdullah, Chairman, said: “The results for the first half of the year and a strong order book that includes almost £8m of revenues scheduled for delivery in the second half of 2017 and nearly £11m for 2018 providing good support for the current year and a foundation for 2018.

“That growth in product development and projects has been financed from its own resources without recourse to shareholders or debt demonstrates the strength of the Group.

“Against this backdrop and on-going customer discussions for new projects, the Board continues to be confident about the Group’s future prospects.”

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