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LONDON (Alliance News) - Petards Group PLC Monday said it has been awarded a contract worth over GBP1 million to supply Hyundai Rotem of South Korea with its eyeTrain on-board digital CCTV system for Electrical Multiple Unit trains that Hyundai is supplying to New Zealand.
Petards expects to start delivering the CCTV systems, which will be installed on 70 carriages, in the second half of next year and complete by the end of the year. It had already put the systems on a previous 96 carriages that Hyundai delivered to the same customer.
"We believe this is a good example of the opportunities for repeat business that exist once our equipment has been specified and installed onto particular classes of new trains," Petards Chairman Raschid Abdullah said in a statement.
Petards has won a string of train CCTV system contracts in recent weeks. It won a deal to install CCTV systems on 46 new Alstom trains being built for the Greater Stockholm Local Transport SL in Sweden, just after it won 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. In September, it alsp won 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.
Petards shares were up 12.1% at 12.895 pence Monday morning, one of the biggest gains on AIM.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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