Skip to content

Final results for year ended 31st December 2020

28 May 2021

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 2020.

Key Highlights:

  • Operational
    • Order book at 31 December 2020: £12 million (31 Dec 2019: £15 million)
    • 2020 year end order book coverage for 2021 in excess of £10 million
    • Covid-19 related factors inevitably impacted the year, but solid progress was made in most areas of the Group
    • Accelerated restructuring resulting in a significant reduction in the on-going cost base
    • Q4 order intake recovered to over £4 million with the award of delayed eyeTrain orders from Porterbrook and Bombardier and a £0.8 million ANPR order from a UK police force
    • Focus on developing eyeTrain through-life support activities rewarded with orders for first two support contracts and investment made to drive forward this area of business
    • Record trading performance from QRO which has continued into 2021
    • QRO acquisition of NASBox ANPR technology rights for £150,000 cash
    • Establishment of Petards Virtual Technology Centre to capitalise upon the Group’s technical and development expertise
  • Financial
    • Total revenues £13.0 million (2019: £15.7 million)
    • Gross profit margin 36.4% (2019: 30.8%)
    • Adjusted EBITDA* £320,000 profit (2019: £281,000 loss)
    • Operating loss £1,145,000 (2019: £1,287,000 loss)
    • Loss after tax £583,000 (2019: £193,000 loss)
    • Strong cash generation from operating activities £2,398,000 (2019: £142,000)
    • Total net funds (cash less debt) £1,179,000 (31 Dec 2019: £525,000 net debt)
    • Basic and diluted EPS 1.01p loss (2019: basic and diluted 0.34p loss)
    • Post year end secured undrawn £2.5 million 3-year CBILS overdraft facility to May 2024

*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 entered 2021 in good shape with a reduced cost base and a strong, cash positive balance sheet.  This was recently supplemented by the replacement of its existing £0.75 million revolving credit facility with an undrawn £2.5 million CBILS 3-year overdraft facility, that provides ample capacity to finance any increased working capital requirements arising from a recovery in customer new business activity.

“The first four months of 2021 have started well with all businesses broadly in line or slightly ahead of management expectations in terms of profitability, and revenues are anticipated to be weighted towards the first half of the year.

“On 31 December 2020, the Group’s order book stood at over £12 million, of which £10 million is forecast to be delivered this year giving the Board confidence that 2021 will prove to be a better year for the Group.”



This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.


Download RNS announcement

Scroll To Top