Petards Group PLC AGM Statement (9087K)
April 22 2015 - 1:00AM
UK Regulatory
TIDMPEG
RNS Number : 9087K
Petards Group PLC
22 April 2015
22 April 2015
Petards Group plc ('Petards' or 'the Company')
AGM Statement
Petards Group plc, the AIM quoted developer of advanced security
and surveillance systems, will hold its AGM today at The County
Club, 158 High Street, Guildford, Surrey. At the AGM, Petards
Chairman, Raschid Abdullah will make the following statement:
"I am delighted to report that 2014 was characterised by our
progress and a return to profitability. This has been achieved on
the back of a range of changes and developments made to our
internal operations and our customer relationships. With this in
mind, I would like to first extend my thanks to our management team
and our employees at all levels for their efforts and commitment to
building upon Petards' reputation as providers of specialised
security and surveillance solutions to the rail, defence and
emergency services markets.
The Board identified the new train build market as having
significant growth opportunities and accordingly has been
implementing its strategy of developing long term relationships. We
are proud to already work with blue chip customers such as Siemens
Mobility, Bombardier Transportation and Hitachi Rail Europe. During
the year, we successfully leveraged these relationships and gained
further orders from existing customers. In conjunction with this,
the Board's aim is to expand Petards' sector reach by gaining
contracts with new customers. The development of a 5 year framework
agreement with Siemens Mobility for the supply of Petards train
related products and services has already borne fruit with over
GBP3 million of orders obtained to date. The Board's objective is
to build on this platform through developing an ever improving
understanding of the needs of all our customers and their product
and system requirements.
In addition, the return to clarity over the award of new rail
franchises is expected to give rise to opportunities for Petards
for retrofit work wherever upgrades or new installations for the
CCTV systems are required. To ensure these opportunities are
maximised the Board's aim is to become the supplier of choice for
end users, systems integrators and specifiers. Challenges remain,
not least that of providing our customers with a suite of products
and innovative solutions that will enable them to use Petards
across a wider range of applications.
The return to profitability provides the Board with a stronger
base from which to develop new products and systems, in particular
those which will benefit customers through the application and
integration of enhanced software which continues to be a focus.
The Board considers that Petards has a strong reputation for
being a responsive, flexible and reliable partner in delivering
products and services for the MOD's military programmes. This
established presence will be used to gain further contracts, and a
number of substantial contracts were won during the year. Our
long-standing relationship with the MOD positions us well to gain
further contracts, and we look forward to continuing and building
upon that relationship.
While Emergency Services has generally been our smallest area of
operation, this market is not without opportunity. We continue to
derive steady revenues from this arm through the provision of
ProVida, our leading in-car police speed enforcement, surveillance
and ANPR (Automatic Number Plate Recognition) brand, to UK law
enforcement agencies. In addition, we hope to strengthen our market
penetration both in the UK and abroad by selectively developing our
product range and our network of channel partners.
In summary, the return to profitability in 2014 has provided the
Board and management with the foundation from which to continue the
development of Petards during 2015 and beyond. The Company has a
proven reputation across multiple sectors and much of its growth is
expected to come through leveraging this strategically, and
streamlining the business.
Finally I am pleased to inform shareholders that the first
quarter's trading has been in line with the Board's expectations
and the order book has been maintained following contract wins that
include those recently reported totalling over GBP2 million from
Siemens and a major UK defence systems contractor. Against this
background the Board remains confident of the prospects for the
Company for the year."
**ENDS**
For further information:
Petards Group plc www.petards.com
Raschid Abdullah, Chairman Mb: 07768 905 004
Andy Wonnacott, Finance Director Tel: 0191 420 3000
WH Ireland Limited, Nomad and www.wh-ireland.co.uk
Joint Broker
Mike Coe, Ed Allsopp Tel: 0117 945 3470
Hybridan LLP, Joint Broker www.hybridan.com
Claire Louise Noyce Tel: 020 3713 4581
claire.noyce@hybridan.com
St Brides Partners Ltd www.stbridespartners.co.uk
Elisabeth Cowell, Charlotte Tel: 020 7236 1177
Heap
Notes for Editors
Petards is a cash generative global supplier of products to
original equipment manufacturers ('OEMs'), system integrators and
end users in the rail, security and defence markets in new build,
refurbishment and retrofit applications. The Company delivers
ruggedised electronic solutions including video and sensor data
surveillance, radio communications and threat simulation systems on
mobile platforms. Petards offers a range of services, supporting
its own and third party systems, spanning custom development,
manufacturing, commissioning, maintenance and obsolescence
management. Further information on its three product areas is
included below:
Transport
Petards' market-leading eyeTrain technology provides leading
edge products for on-board train video and sensing solutions,
including Driver Only Operation Systems, Passenger Counting
Systems, Saloon and Drivers View Video and Condition Based
Monitoring. These systems have been chosen for installation on
thousands of rail vehicles around the globe, helping to reduce
operating costs, increase safety and improve passenger
satisfaction.
Emergency Services
Petards' ProVida is one of the world's leading in-car police
speed detection, surveillance and ANPR (Automatic Number Plate
Recognition) brands, comprising four components: In-Car Video,
Speed Enforcement, ANPR Systems and ANPR cameras. As well as
Petards' systems being used by many of the UK's police forces, the
brand has stretched to over 20 countries.
Defence
Petards provide a range of specialist engineering services to
the defence sector. The Company has established a strong reputation
for being a responsive, flexible and reliable partner in delivering
challenging military programmes. Petards excels in the disciplines
of Communications and Information Systems, Electronic
Countermeasure Systems, Ruggedised Electronic Control Systems and
in the provision of Engineering Services to UK MoD and other NATO
countries.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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