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Interim results announcement

12 September 2017

Petards Group reports its interim results for the six months to 30 June 2017.

Key Highlights:
  • Operational
    • Another set of strong trading results for the Group
    • Order book at 30 June 2017 up by 20% to circa £24 million (31 Dec 2016: £20 million)
    • Order coverage for H2 2017 £8 million and nearly £11m scheduled for 2018
    • Addition of Stadler Bussnang AG to customer list that includes many of the world’s leading train builders such as Bombardier, Hitachi and Siemens
    • Orders of over £8 million received in the period from Stadler, Bombardier and the MOD
    • Investment in new eyeTrain software functionality.
  • Financial
    • Total revenues increased 8% to £8.0 million (2016: £7.4 million)
    • Gross margins up to 38.6% (2016: 35.2%)
    • EBITDA increased 18% to £925,000 (2016: £786,000)
    • Pre-tax profit up 6% to £503,000 (2016: £475,000)
    • Cash balances £1.5 million (31 Dec 2016: £2.3 million) and no bank debt
    • Basic EPS increased 2% to 1.39p (2016: 1.36p)
    • Diluted EPS increased 3% to 0.98p (2016: 0.95p)

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

“The results for the first half of the year and a strong order book that includes almost £8 million of revenues scheduled for delivery in the second half of 2017 and nearly £11m for 2018 providing good support for the current year and a foundation for 2018.

That growth in product development and projects has been financed from its own resources without recourse to shareholders or debt demonstrates the strength of the Group.

Against this backdrop and on-going customer discussions for new projects, the Board continues to be confident about the Group’s future prospects.”
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