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LONDON (Alliance News) - Security and surveillance systems manufacturer Petards Group PLC Tuesday said that while trading conditions have remained difficult in 2013, recent rail and defence contract wins will largely deliver revenues in 2014, although it'll need more money to meet the demand.
The company has won a string of orders in recent weeks. Last week it won a deal worth over GBP7 million to provide and maintain secure radio systems for the Royal Air Force. That followed several train contracts, including a deal worth over GBP1 million to supply Hyundai Rotem of South Korea with CCTV for trains, a deal to install CCTV systems on 46 new Alstom trains being built for the Greater Stockholm Local Transport SL in Sweden, a contract worth over GBP1.75 million to provide on-board digital CCTV systems for Electrostar trains being made by Bombardier for Southern Railway in the UK, and a multi-million euro contract with Hitachi Rail Europe Ltd to supply passenger counting systems for new intercity trains for the Great Western Main Line.
"While trading conditions for 2013 have remained difficult, the board's expectation that order intake would improve in the second half of the year have been realised," Petards said in a trading update.
"The company presently has no bank borrowings although the significant increase in its order book brings with it a requirement for greater working capital. The board is presently reviewing its options for addressing this requirement," it added.
Petards shares were down 7.7% at 13.50 pence midday Tuesday.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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