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Final results for year ended 31st December 2021

05 May 2022

Petards Group plc (AIM: PEG), the AIM quoted developer of advanced security and surveillance systems, is pleased
to report its audited final results for the year ended 31 December 2021.

Key Highlights:

  • Financial
    • Total revenues £13,574,000 (2020: £13,001,000)
    • Gross profit margin increased to 44.9% (2020: 36.4%)
    • Adjusted EBITDA* £1,534,000 profit (2020: £320,000 profit)
    • Operating profit £570,000 (2020: £1,145,000 loss)
    • Profit after tax £865,000 (2020: £583,000 loss)
    • Continued strong cash generation from operating activities £745,000 (2020: £2,398,000)
    • Total net funds (cash less debt) £1,510,000 (31 Dec 2020: £1,179,000)
    • Basic EPS 1.51p earnings and diluted EPS 1.47p earnings (2020: basic and diluted 1.01p loss)
    • Secured undrawn £2.5 million 3-year CBILS overdraft facility to May 2024
  • Operational
    • Order book at 31 December 2021: circa £7 million (30 June 2021: circa £9 million)
    • £8 million revenue coverage for FY 2022 from deliveries and orders on hand at 31 March 2022
    • Margins improved significantly following restructuring undertaken in prior year
    • Another record trading performance from QRO which is continuing into 2022
    • On-train trials of AI technology solution arising from work of Petards’ Virtual Technology Centre

* 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 closed the year with an order book of around £7 million and trading for the first three months of 2022 has started well, with the Group trading slightly ahead of management’s expectations. At present this is thought to be timing related rather than an indication of a better than expected performance for the year. With scheduled deliveries of £8 million already secured for the current year by the end of the first quarter, the Board has confidence that the Group is positioned to make further progress in 2022.”



This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.


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