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The company has already indicated they will be affected by two projects (previously having been referred to) resulting in a loss for 2019, though I would expect the current low share price has already taken all that into account, and that ongoing work going forward will see profitability restored - in my opinion (conclusion) following research
Outlook
The Company is unable to provide forward guidance in the present challenging circumstances, with the main uncertainty presently concerning the risk that, in the short term, contract awards that the Group was expecting to secure for revenue in 2020 may be re-phased or delayed. With the Department for Transport, the MOD and train operating companies focusing their efforts on dealing with COVID-19, the timing of these may not become clearer until the pandemic within the UK has abated.
The Board is keeping this under close review and intends to provide a further update when it announces the Group's final audited results for 2019.
The UK Government has stated its commitment to further investment in the railways, law enforcement and security, areas in which the Group enjoys long-standing customer relationships.
This together with the Group's current order book (31 March 2020: £13.2m), provide the Board with confidence for the Group's future prospects.
https://www.investegate.co.uk/Index.aspx?searchtype=3&words=peg
The Company has reached agreement with its South African lender group regarding the conditions upon which ZAR400 million of its ZAR1.0 billion revolving credit facility is to be made available in order to manage near-term liquidity risks arising from the unprecedented operating and trading environment.
The Company has also reached agreement with the South African BEE lender group to reschedule the capital repayments due in May 2020 and November 2020 under the Company's outstanding bank financing of its Black Economic Empowerment partners.
Finally, Petra has today entered into a forbearance agreement (the “Forbearance Agreement”) with the ad-hoc group of holders (the “AHG”) of the Company’s US$650 million 7.25% Senior Secured Second Lien Notes due 2022 (the “Notes”). Pursuant to the Forbearance Agreement, the AHG has agreed to forbear from the exercise of certain rights and remedies that they have under the Notes indenture, including agreeing not to accelerate the Notes obligations as a result of the missed interest payment due 1 May 2020.
As a result, the Company will not make the interest payment at the present time and will be in a strong position in the near term, to continue discussions with its various stakeholders regarding strategic alternatives towards longer term solutions to improve the Company’s capital structure.
The agreements with the lender groups referenced above and the Forbearance Agreement are subject to certain conditions, which are set out in the ‘Liquidity and Capital Structure’ section of the announcement.
Acquisition of New Product Line
7th May 2020
https://www.petards.com/acquisition-of-new-product-line-may-2020/
Results for the year ended 31 December 2019
With the COVID-19 pandemic worsening, the Board is mindful of the Financial Reporting Council's most recent guidance recognising that additional time may be required to complete financial reporting and related audit activity. The Board has therefore decided to reschedule the announcement of the Company's full audited results for 2019, the timing of which is now expected to be towards the end of May.
The Board anticipates that the full results will be consistent with the Group's Trading Update of 4 February 2020.
Alliance News) - Security and surveillance systems provider Petards Group PLC on Wednesday said that subsidiary RTS Solutions has been awarded a multi-year software support services contract from one of its major rail infrastructure customers.
The contract, which runs until 2024, fulfils RTS's budgeted order book for 2020 while providing strong additional cover for it in the years over the life of the contract, the company added.
Chair Raschid Abdullah said: "We are delighted to receive this contract for software support services within the rail infrastructure and the visibility it provides for RTS's order book for the current year and beyond".
Shares in Petards closed at 8.72 pence each in London on Wednesday, up 27%.