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(Sharecast News) - Security and surveillance software developer Petards has been awarded a contract to supply railway rolling stock maintenance company Porterbrook Maintenance with its 'eyeTrain' systems.
The AIM-traded firm said the new contract, worth more than £1.3m, would see eyeTrain systems fitted to 19 class 769 'Flex' trains.
It said the class 769 was the UK's first 'tri-mode' trains, capable of running on overhead and third-rail electric lines, as well as under their own diesel power.
The trains would be operated by FirstGroup subsidiary Great Western Railway, and were expected to be introduced on services running between Reading and Gatwick during 2021.
Deliveries were expected to be completed during the first quarter of 2021.
"We are delighted that Petards has been selected by Porterbrook and Great Western Railway to work with them on this exciting first UK tri-mode trains project," said chairman Raschid Abdullah.
"This new contract provides us with a strong start to 2021 and builds upon our order book."
At 1258 BST, shares in Petards Group were up 30% at 8.45p.
5 May 2022 13:46
IN BRIEF: Petards shares jump as swings to profit in 2021
Petards Group PLC - Guildford, England-based developer of security and surveillance systems - Swings to pretax profit of GBP502,000 in 2021 from loss of GBP1.2 million in 2020, as revenue increases 4.6% to GBP13.6 million from GBP13.0 million. Says trading since December has been slightly ahead of management expectations, but this currently is thought to be the result of the timing of orders rather than a better performance. Deliveries of GBP8 million already secured for 2022, confident of further progress.
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