31st Mar 2014 07:51
LONDON (Alliance News) - Petards Group PLC saw its shares fall early Monday after it reported that it swung to a loss in 2013 due to a sharp fall in revenues, even its performance is set to improve in 2014 and the chairman said the company was no longer in "retrenchment mode".
The security and surveillance systems developer said it made a GBP2.3 million net loss in 2013, compared with a GBP200,000 net profit in 2012, as revenues slid to GBP6.3 million, from GBP9.0 million and it booked GBP306,000 in restructuring costs.
However, the company said it was set for a better performance in 2014 after it improved its balance sheet through a debt-for-equity swap and its order book rose to GBP20 million, up from GBP9 million a year earlier. Over half the order book is scheduled for delivery in 2014, it said.
"The strong visible forward order book and the positive start to the year positions the company well for an improved performance for 2014," Chairman Raschid Abdullah said. "Petards is no longer in retrenchment mode."
The company makes products like CCTV systems for trains. Orders dropped in 2013, particularly in the first half of the year. It was also hit by a rescheduling of a contract for the Thameslink trains contract, meaning some of the order was deferred.
The company's shares were down 10.5% at 10.85 pence early Monday, one of the biggest falls on AIM.
By Steve McGrath; [email protected]; @SteveMcGrath1
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