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AGM statement

26 April 2017

Petards, the AIM quoted software developer of advanced security and surveillance systems will hold its AGM at 11.00 a.m. this morning at The Country Club, 158 High Street, Guildford, Surrey, GU1 3HU.

At the AGM, Petards Chairman, Raschid Abdullah will make the following statement:

"I am pleased to advise you that since my Chairman’s statement in the Report and Accounts, we have been successful in securing a £4.3 million order from Stadler Bussnang AG for the provision of Petards eyeTrain CCTV and Automatic Selective Door Opening Systems ('ASDO'). Stadler is a quality Swiss based global train builder and a new customer. This represents an excellent opportunity for Petards to develop internationally.

“Investment in UK rolling stock is at record levels giving rise to significant opportunities for Petards. I am pleased to report we are presently in active negotiations with existing customers over new contracts.

“Whilst our defence business has been slow on order intake during the first quarter, indications are that there is further MOD, NATO and third party business in the pipeline. The renewal last December of the three year MOD Systems Adaptive Counter Measures Dispensing Systems Contract is anticipated to bring additional business throughout its duration.

“The QRO acquisition, completed April 2016, together with its management team has integrated well into the Group. Petards Provida range of products in the Emergency Services division and QRO are both seeing increased enquiries from many police forces throughout the UK at the start of their financial year.

“We entered 2017 with an order book of £20 million. At the 31 March this year, it stood at £21 million of which £13 million is scheduled for delivery by the end of the year.

“The strength of the order book gives the Board confidence of a good outcome for the year and I look forward to reporting further progress in the interim results in September."
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