Interim results announcement

8 September 2015

Petards Group reports its interim results for the six months to 30 June 2015.

Key points:
  • Operational
    • June order book remained strong at £19 million providing good revenue cover for the second half of 2015 and beyond
      • Circa 40% of order book currently scheduled for delivery in the second half of 2015
      • H1 2015 highlights included:
        • Over £2.5 million of orders for Petards' eyeTrain CCTV systems under the framework agreements held with Siemens and Hitachi, and a new project from Bombardier
        • Strong recurring revenue streams for eyeTrain spares and support
  • Financial
    • Strong results for the six months to 30 June 2015
      • Higher margin revenues than 2014 totalled £6.1 million (2014: £7.2 million)
        • Gross margins of 36.4% (2014: 27.4%)
      • 39% increase in EBITDA to £609,000 (2014: £441,000)
      • Operating profit increased to £436,000 (2014: £346,000)
      • 30% increase in profit after tax to £356,000 (2014: £273,000)
    • Finance
      • Cash inflow from operating activities £558,000 (2014: £181,000)
      • Cash at 30 June 2015 £2.0 million (31 Dec 2014: £1.4 million) with no bank debt
      • Basic EPS up 30% to 1.03p per share (2014: 0.79p per share)
      • Diluted EPS up 23% to 0.76p per share (2014: 0.62p per share)

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

“The continued strength of the order book at 30 June provides good support for revenues for the second half of 2015, with around 40% currently scheduled for delivery before the year end, giving the Board confidence for a satisfactory outcome for the year.”
 
Download RNS announcement