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Petards Gets GBP1.1 Million UK Defence Ministry Contract Extension

Mon, 19th Mar 2018 11:35

LONDON (Alliance News) - Security and surveillance systems provider Petards Group PLC on Monday announced the UK Ministry of Defence has agreed to extend an existing contract for a further two years to the end of 2021.

The company reported the contract extension is anticipated to be worth in excess of GBP1.1 million over the two year period to the end of December 2021. The original three-year contract -

due to end in December 2019 - is worth in excess of GBP1.6 million.

The contract - signed with the Air Platform Systems Platform Protection of the Ministry of Defence - will see Petards continuing its support of the ALE 47 and M147 Threat Adaptive Countermeasures Dispensing Systems. These are fitted to the Lynx, Puma, Chinook, Merlin, and C130J aircraft platforms

"We consider it a real vote of confidence that the Ministry of Defence has chosen to exercise the option on the contract at this early stage. This is testament to the high level of service which we have provided and gives us a strong platform from which to invest for the future," Petards Chairman Raschid Abdullah said.

Last Wednesday, Petards reported it generated GBP1.2 million in pretax profit on revenue of GBP15.6 million in 2017. At the end of the year, its order book stood at over GBP18 million.

Shares in Petards Group were up 3.3% at 25.30 pence on Monday morning.

By Natalie Leonidou; natalieleonidou@alliancenews.com.

Copyright 2018 Alliance News Limited. All Rights Reserved.

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