Petards Group PLC AGM Statement (1422V)
April 14 2016 - 1:05AM
UK Regulatory
TIDMPEG
RNS Number : 1422V
Petards Group PLC
14 April 2016
14 April 2016
Petards Group plc
("Petards" or "the Company")
AGM Statement
Petards, the AIM quoted developer of advanced security and
surveillance systems will hold its AGM this morning at 11.00 a.m.
at The County Club, 158 High Street, Guildford, Surrey. At the AGM,
Petards Chairman, Raschid Abdullah will make the following
statement:
"I am pleased to report that trading in the first quarter of
2016 is slightly ahead of management's expectations with both
revenues and results being above those for the same period in 2015.
While still early in the year, it is encouraging that the increase
in revenues is being seen across all of the Group's product
areas.
"Earlier today, Petards announced the acquisition of QRO
Solutions Limited ("QRO"), a UK private company established over 15
years ago, for a maximum consideration of GBP1,255,000 that will be
satisfied in cash from Petards existing cash reserves. QRO provides
end-to-end Automatic Number Plate Recognition ("ANPR") security and
speed enforcement solutions to UK police forces and to integrators
serving the police and security markets and is expected to
complement Petards' existing ProVida product range, broadening the
Group's product offering both at home and abroad.
"In the financial year ended 30 November 2015, QRO generated
pre-tax profits of GBP101,000 on revenues of GBP1,784,000 and the
company benefits from a good stream of recurring revenues. The
acquisition is expected to be earnings enhancing in 2016 and
represents the first step in the Board's strategy of growing the
Group into a larger and more prosperous business. The Board
continues to review other acquisition opportunities in pursuit of
that goal.
"With a number of new order prospects currently being negotiated
and strong backing from the Group's existing order book, the Board
anticipates that both the first half year and full year results
will show good progress against those achieved in 2015."
**ENDS**
For further information:
Petards Group plc www.petards.com
Raschid Abdullah, Chairman Mb: 07768 905 004
WH Ireland Limited, Nomad www.wh-ireland.co.uk
and Joint Broker
Mike Coe, Ed Allsopp Tel: 0117 945 3470
Hybridan LLP, Joint Broker www.hybridan.com
Claire Louise Noyce Tel: 020 3764 2341
Notes
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,
brand recognition extends 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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