20th Sep 2018 09:31
LONDON (Alliance News) - Security and surveillance firm Petards Group PLC said Thursday its interim revenue grew significantly whilst profit rose modestly amid acquisition costs holding it back.
For the six months ended June, pretax profit widened 2.2% to GBP514,000 from GBP503,000 a year prior. This was after revenue rose 21% to GBP9.7 million from GBP8.0 million a year before.
Profit performance in the half was held back by GBP77,000 in acquisition costs. In May, Petards acquired transportation software firm RTS Solutions (Holdings) Ltd for GBP1.5 million.
Petards does not pay a dividend.
"The group continues to benefit from a good balance sheet and a strong forward order book of GBP20 million which has been further enhanced with the recently announced award of three contracts totalling over GBP6.5 million from Bombardier and Siemens", Petards Chairman Raschid Abdullah said.
"The board is also pleased with the performance of its more recent acquisitions, QRO and RTS, and continues to review other acquisition opportunities", Abdullah added.
"With the June 2018 order book containing revenues of approaching GBP10 million for the second half of 2018 and almost GBP8 million for 2019, the board remains confident in the future prospects for the group", Abdullah explained.
Shares in Petards were untraded at 25.80 pence on Thursday.
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