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Interim results announcement

13th September 2012

Petards Group plc reports its interim results for the six months to 30 June 2012.

  • Revenues of £4.7m (2011: £5.2m)
  • Gross margin 41.3% (2011: 40.5%)
  • Operating profit £51,000 (2011: £44,000)
  • Profit before tax £22,000 (2011: £5,000)
  • Basic and diluted earnings per share of 0.35p (2011: 0.08p)
  • Net cash inflow from operating activities of £0.9m (2011: £0.4m inflow)
  • Net debt of £0.8m (30 June 2011: £1.8m; 31 December 2011: £1.5m)

Commenting on the current outlook, Tim Wightman, Chairman, said:

"Despite the current economic climate, the Board remains optimistic about the future. The Group has demonstrated its ability to secure significant contracts from blue chip international organisations at a time when there is expected to be an increase in capital investment by operators in the world-wide rail industry. The Group is also maintaining its level of activity within specialist niches of the defence and security industries. We were also pleased that at the recent General Meeting a majority of shareholders supported the Board by voting in favour of providing an authority to raise additional equity, and this matter remains under review.

In recent weeks we have secured some of the orders that we had been expecting, although they will not now contribute as much to 2012 revenues as we had hoped. In addition other contracts we have been expecting to receive in the third quarter now seem likely to be delayed into 2013. As a result the Board presently expects revenues in the second half year to be slightly ahead of those for the first half year and the operating performance to be similar to that achieved in 2011."
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