Final results for year ended 31st December 2018

10 April 2019

Petards Group plc (AIM: PEG), the AIM quoted developer of advanced security and surveillance systems, is pleased to report its final results for the year ended 31 December 2018.

Key Highlights:
  • Operational
    • Order book at 31 December 2018 over £19 million (31 Dec 2017: over £18 million)
    • Order coverage for 2019 in excess of £13 million
    • Acquired RTS Solutions software business focused on UK rail infrastructure
    • Significant orders of over £6.5 million for eyeTrain received in H2 2018
    • QRO generated over £1 million of revenues from two new UK police framework agreements of 3 and 4 years respectively, with 3 year extension options
    • Significant investment in our eyeTrain automated software applications has created new orders and opened up new business opportunities
  • Financial
    • Total revenues increased to £20.0 million (2017: £15.6 million)
    • Gross margins 34.5% (2017: 38.6%)
    • Adjusted EBITDA* £2,057,000 (2017: £1,619,000)
    • Operating profit £1,156,000 (2017: £1,245,000 including £362,000 exceptional income)
    • Pre-tax profit £1,126,000 (2017: £1,205,000 including £491,000 net exceptional income)
    • Net funds (cash less debt) £969,000 (31 Dec 2017: £1,286,000)
    • Basic EPS 2.01p (2017: 3.31p)
    • Diluted EPS 1.95p (2017: 2.32p)

 *Adjusted EBITDA comprises operating profit adjusted to remove the impact of depreciation, amortisation, exceptional items, acquisition costs and share based payments. A reconciliation of Adjusted EBITDA to operating profit is included on the face of the consolidated income statement.

 

Commenting on the current outlook, Raschid Abdullah, Chairman, said: 

“The Group continues to enjoy a strong order book that provides the Board with good visibility to plan for the future.  The order book at 31 December 2018 was over £19 million, of which over £13 million is scheduled for revenue during 2019.  Due to customer delivery schedules these are weighted towards the second half of the year.  The Group has a strong pipeline of new contracts under negotiation which it is anticipated will add to the orders for delivery in the second half of 2019 and for 2020. These together with the Group’s strong market position provides the board with confidence in its prospects for the year ahead.”

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