Petards secures MoD contract renewal

(ShareCast News) - AIM-listed software developer Petards has secured a three-year contract renewal from the UK Ministry of Defence worth more than £1.6m.The contract, with the Air Platform Systems Platform Protection team, is to support ALE 47 and M147 Threat Adaptive Countermeasures Dispensing Systems which are fitted to Lynx, Puma, Chinook, Merlin, and C130J aircraft platforms.It will run from 1 January next year until 31 December 2019, with an option to extend for a further two years.Under the terms of the contract, Petards will continue to perform post design services, with additional engineering, repair, refurbishment and manufacturing which are expected to significantly enhance the value of the agreement.Chairman Raschid Abdullah said: "Having provided these services to the Ministry of Defence for many years it is pleasing they have renewed the contract at increased scope and value for a further three years while maintaining the option to extend for a further two."At 1210 GMT, the shares were down 2% to 24.50p. Petards