14th Apr 2016 07:22
LONDON (Alliance News) - Security and surveillance systems developer Petards Group PLC on Thursday said trading in the first quarter was ahead of its expectations and said it has struck a deal to buy QRO Solutions Ltd.
Petards Chairman Raschid Abdullah, in a statement to be given at the company's annual general meeting, said revenue in the first quarter of 2016 was slightly ahead of the company's expectations, with revenue and profit ahead year-on-year.
"While still early in the year, it is encouraging that the increase in revenues is being seen across all of the group's product areas," Abdullah said.
"With a number of new order prospects currently being negotiated and strong backing from the group's existing order book, the board anticipates that both the first half year and full year results will show good progress against those achieved in 2015," he added.
Petards on Thursday also said it will pay GBP1.3 million in cash to acquire QRO Solutions, which provides end-to-end Automatic Number Plate Recognition security and speed enforcement solutions to UK police forces and to companies providing services to the police and security markets.
Petards said the deal will provide it with an entry to the fixed site ANPR market and will complement its existing ProVida mobile in-car enforcement products.
Petards shares were up 13% to 15.00 pence early Thursday, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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