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Surprised there has been little reaction. I guess that’s what happens when you wait so long for news. This should pick up when people realise the opportunity here.
Booom market missed this RNS
Dreadful but as expected of course. Here is the reality of the impact on small firms and its not great.
Don't look too good and starting the New Year with a weak Balance Sheet
terrible end markets, management that hasn't exactly shot the lights out & net debt isn't a happy combo
The adoption of the financial reporting standard IFRS15 'Revenue from contracts with customers' in 2018 appears to have significantly increased revenue and profits for that year and then the company realised that costs were going to be much higher on two projects and so revenue and profits already recognised in 2018 had to be reversed in 2019. Obviously the failings in project management are a concern but it seems it would be best to take the two years together to smooth out the effect of the reporting change. On a positive note cash has increased from £827k at year end to £1.4m as of 31st May. Trade receivables increased £1.25m during the year but some of that must have been due to the £1m of R&D tax credit (now received). There are £875k of borrowings due for repayment this year. I am more positive that there seems to be increased focus on cash and cost control. I wouldn't want to make any predictions for the current year though.
As the economy returns to normal the prospects for Petards various projects will likewise be restored to good health in my estimation - and my opinion but dyor
The company expects to report revenue for 2019 of GBP15.8 million, down 21% from GBP20.0 million a year earlier, and down 8.7% compared to market expectations of GBP17.3 million.
Petards' order book at the end of December remained in the region of GBP15 million, it said, versus GBP19 million at the end of 2018.
"While it is disappointing to report on the lower than expected 2019 revenues due to customer re-scheduling and on the impact this and the higher project costs have had on profitability, the group remains in good shape," said Chair Raschid Abdullah.
He added: "Following the group's significant investment in recent years, and with little further investment in product development anticipated to be required in 2020, the group expects to be net cash generative in the coming year and the Board remains confident of the group's future prospects."
Petards Group plc, together with its subsidiaries, develops, supplies, and maintains technologies in advanced security, surveillance, and ruggedized electronic applications in the United Kingdom, Continental Europe, and internationally. It offers rail technology solutions, such as eyeTrain, a solution for digital on-train surveillance; and RTS, a solution that provides safety and efficiency of railways with crucial resource, asset, safety, and failure management software, as well as consultancy services. The company also provides traffic technologies that include ProVida mobile speed enforcement, a digital surveillance measurement with the police approved speed measurement tool; and Hawk ANPR, an automatic number plate recognition (ANPR) technology camera that manages access control, parking enforcement, level cross monitoring, traffic management, and law enforcement. In addition, it offers mobile ANPR solutions comprising tablet based mobile ANPR, PC boot mounted ANPR, and intelligent mobile camera ANPR; fixed site ANPR; and ANPR software solutions, such as management servers, software, and video evidence storages. Further, the company provides defense solutions and services, such as communication systems, advanced visual surveillance, in-service supports, defensive aide systems, control systems, and real threat stimulators, as well as consultancy services. It serves customers under eyeTrain, ProVida, and QRO brand names. Petards Group plc was incorporated in 1994 and is headquartered in Guildford, the United Kingdom.
7.6 - 8.275
still waiting for audited financials
Down 9% today with potential announcement of audited financials - imminent
8.01 - 8.20
Edging up gradually
Would expect them any day now - thought they would be out before end May.
Any adverse detail has already been discounted in current low SP - imho dyor
When can we expect audited results?
The company has already indicated they will be affected by two projects (previously having been referred to) resulting in a loss for 2019, though I would expect the current low share price has already taken all that into account, and that ongoing work going forward will see profitability restored - in my opinion (conclusion) following research
7.55 - 8.20
Been down too long - imho
Outlook
The Company is unable to provide forward guidance in the present challenging circumstances, with the main uncertainty presently concerning the risk that, in the short term, contract awards that the Group was expecting to secure for revenue in 2020 may be re-phased or delayed. With the Department for Transport, the MOD and train operating companies focusing their efforts on dealing with COVID-19, the timing of these may not become clearer until the pandemic within the UK has abated.
The Board is keeping this under close review and intends to provide a further update when it announces the Group's final audited results for 2019.
The UK Government has stated its commitment to further investment in the railways, law enforcement and security, areas in which the Group enjoys long-standing customer relationships.
This together with the Group's current order book (31 March 2020: £13.2m), provide the Board with confidence for the Group's future prospects.
https://www.investegate.co.uk/Index.aspx?searchtype=3&words=peg
Acquisition of New Product Line
7th May 2020
https://www.petards.com/acquisition-of-new-product-line-may-2020/
Results for the year ended 31 December 2019
With the COVID-19 pandemic worsening, the Board is mindful of the Financial Reporting Council's most recent guidance recognising that additional time may be required to complete financial reporting and related audit activity. The Board has therefore decided to reschedule the announcement of the Company's full audited results for 2019, the timing of which is now expected to be towards the end of May.
The Board anticipates that the full results will be consistent with the Group's Trading Update of 4 February 2020.
8.6125 - 9.50
still loads of upside here - imho
Alliance News) - Security and surveillance systems provider Petards Group PLC on Wednesday said that subsidiary RTS Solutions has been awarded a multi-year software support services contract from one of its major rail infrastructure customers.
The contract, which runs until 2024, fulfils RTS's budgeted order book for 2020 while providing strong additional cover for it in the years over the life of the contract, the company added.
Chair Raschid Abdullah said: "We are delighted to receive this contract for software support services within the rail infrastructure and the visibility it provides for RTS's order book for the current year and beyond".
Shares in Petards closed at 8.72 pence each in London on Wednesday, up 27%.
8.715 - 8.9p
Expect more tomorrow - imho
I'm confident that the Government will resort to big infrastructure projects to kick-start the economy (and hopefully re-employ many of those who have lost their jobs recently) - it's the classic response to a recession. And they don't get much bigger than rail projects! Consider that this will be mirrored across the world, and Petards could be in for a lot of large contracts.
I sold these at 22p a year ago. Bought back in after the first contract at 6.5p. Can see this drifting back up to 20p plus as business improves again.