Petards Share Price (PEG)

If it wasn't for the ''scumbag Abdullah's.''

Indeed a nice contract win. Seems to be a struggle to break the 12p level currently - company still undervalued in my point of view ...

New framework contract win for QRO - not particularly huge at £650k over 4 years, but good secure income going forward, a new police force client win in Cleveland, and that £650k is likely to be a minimum/floor level, so more to come:

Https://uk.advfn.com/stock-market/london/petards-PEG/share-news/Petards-Group-PLC-Contract-Win/98570393

"Each of Northumbria Police, Durham Police and Cleveland Police are able to procure QRO's fixed and mobile ANPR systems and related support and maintenance services using this contract. While Northumbria and Durham are existing customers, Cleveland is a new addition to QRO's customer base."

Zeus has finally (a week on from results) published its note with forecasts just one year out. After 2 years of 25% revenue growth, and acknowledging that the growth prospects are strong, Zeus forecasts £15.7m revs for 2026 i.e. + 5.5%, but provides no forecast for 2027. This is not an analysis at any level. Utterly hopeless; the Zeus note not worth the paper it's printed on.

1. No Proper Analysis of Group Results - just a regurgitation of the FY Results , suggesting he hasnt even bothered to talk with the Company or alternatively they dont think its worth talknig with Zeus. Based on the total lack of IR/PR from the Board, both are possible.

2. 2026 current year forecast but no Year 2 Forecast (actually its really Year 1 as we're 4 months into 2026). Forecast is for 5.5% revenue growth, which looks like (1) A massive slowdown in orders after 2 years of 25% growth, which is very troubling, & runs counter to the growth narrative which in turn suggests (1) He's utterly clueless and couldnt care less, and this is not analysis worthy of the name or (2) He's just made it up. I would suggest all the above, as there is no attempt to explain the figures, or suggest some bigger picture thinking.

2. Taking his figs, with 2026 costs broadly flat, any margin improvement is totally dependent on revenue growth and margin mix improving, rather than cost reductions. Any analyst worth his salt would look at the ~50 % consistent overhead that this group runs and conclude that its an issue as it absorbs all the gross profit. At least talk about the issue ! Zeus pencilled in £15.7m revs which produces Gross Profits of £7.7m yet Operating Costs of £7.9m ~50% 0f revenues, barely down from 2025's Operating Costs of £7.9m ( 53% of total Revenue) driven by Affini.

Track back to 2021 or 2022, pre-Affini and operating costs are consistently ~40-50%. Yes, the operational gearing is potentially fantastic if the business starts throwing off big contracts and revenues start to motor across the board, but that cost base remains a huge issue. Its high time that the Board addressed this, or at least explained what they are doing to reduce overheads.

Great detail!

Many thanks for your response. I am planning on taking a position in the next few weeks or so as funds become available and will start building from there. I'll see what information I can gain in the public domain and likely write up my own piece too.

Thanks again