15th Mar 2016 10:07
LONDON (Alliance News) - Petards Group PLC on Tuesday reported growth in profit in 2015 and said it has entered 2016 with a strong order book, leaving it confident in its outlook for the current year.
The security and surveillance systems developer said its pretax profit in 2015 grew to GBP762,000 from GBP620,000, although revenue slipped to GBP13.1 million from GBP13.5 million.
Petards said a slower-than-anticipated order intake for its defence-related products and services in the first half continued into the second half, leading to a reduction in the group's overall closing order book, but that it has a strong opening order book for 2016.
It also made a net tax saving of over GBP140,000 in the year.
"Our strong opening order book together with recently received orders provides GBP11 million of revenues that are presently scheduled for delivery in 2016. With new projects still under discussion, the board is confident that the group is well positioned to achieve another good year's performance in 2016," Chairman Raschid Abdullah said in a statement.
Shares in Petards were trading up 1.4% at 12.55 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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