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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 Inks Services Support Agreement With Siemens Mobility

Tue, 12th May 2020 14:38

(Alliance News) - Petards Group PLC on Tuesday said it has signed a two-year services support agreement with Siemens Mobility, a unit of German industrial manufacturing firm Siemens AG.

Security and surveillance systems software firm Petards said the deal concerns Siemens Mobility's Desiro City Fleet projects and has a commencement date of August 1.

The deal will see Petards provide technical and software support, as well as servicing and repairs for the Petards eyeTrain systems which have been fitted on Siemens Desiro City for Class 700 Thameslink electrical multiple unit trains and Class 717 Moorgate electrical multiple unit trains.

Petards Chair Raschid Abdullah said: "Having worked with Siemens Mobility since 2012 we are delighted to now enter into our first Services Support Agreement with Siemens UK. We are committed to providing ongoing support to our customers throughout the life of the trains.

"Services Support Agreements provide long term recurring revenue, operational efficiency and protection of the customer's asset value whilst in service. With a typical train life of 35 years and Petards eyeTrain systems presently installed in over 12,000 vehicles this provides a strategic milestone to significantly grow our Rail Support Services business."

Shares in Petards were up 5.7% at 6.55 pence in London on Tuesday. Shares in Siemens were flat EUR88.13 in Frankfurt.

By Anna Farley; annafarley@alliancenews.com