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9.50 0.00 (0.00%)

Bid:

9.00

Ask:

10.00

Spread: 1.00 (11.111%)

Market Cap: £5.77m

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Petards Group Expecting Progress In 2018 After Solid First Quarter

Wed, 18th Apr 2018 12:14

LONDON (Alliance News) - Security and surveillance systems company Petards Group PLC said Wednesday it has enjoyed a good first quarter, with revenue and new work wins ahead of expectations.

Petards said at its annual general meeting revenue was up almost 15% on the same period a year earlier.

Order intake was also strong, mainly as a result of GBP1.5 million of radio communications contracts with the Ministry of Defence, announced February. Excluding these, however, order intake was still higher than expected, Petards said.

Petards went into 2018 with an order book of more than GBP18.0 million, and order coverage for 2018 revenue was in excess of GBP12.0 million. At the end of March, the GBP18.0 million had been maintained and 2018 coverage had risen to GBP15.0 million.

Given this visibility, and talks over new projects, Petards said it is confident on 2018 improving on 2017.

Petards shares were up 3.8% on Wednesday at 26.98 pence each.