Interim results announcement
24 September 2020
Petards Group plc (AIM: PEG), the AIM quoted developer of advanced security and surveillance systems, is pleased to report its interim results for the six months ended 30 June 2020.
- Order book at 30 June 2020 over £12 million (H1 2019: £15 million)
- First half 2020 eyeTrain revenues impacted by COVID-19 related factors
- All other Group operational performances ahead of H1 2019
- QRO acquisition of NASBox ANPR technology rights for £149,000
- Significant reduction in the Group’s on-going cost base
- Revenue £7.1 million (H1 2019: £8.9 million)
- Gross margin 34.4% (H1 2019: 35.9%)
- Adjusted EBITDA £337,000 (H1 2019: £625,000)1
- Adjusted post-tax loss £164,000 (H1 2019 profit: £65,000)2
- Post-tax loss £469,000 (H1 2019: profit £65,000)
- Cash generated from operating activities £1,802,000 (H1 2019: £584,000 cash used)
- Net funds at 30 June 2020 increased to £1.0 million (31 Dec 2019: net debt £0.5 million)
- Renewal of Group’s banking facilities to June 2022
- Diluted EPS 0.82p loss (H1 2019: 0.11p earnings)
1 Earnings before financial income and expenses, tax, depreciation, amortisation, share based payment charges and exceptional restructuring costs.
2 Adjusted for exceptional restructuring costs of £305,000.
Commenting on the current outlook, Raschid Abdullah, Chairman, said:
“The Group’s strong cash performance in the first half of 2020 has strengthened the balance sheet and its undrawn £0.75 million revolving credit facility was renewed in June for a further two years. The closing order book at 30 June 2020 of over £12 million continues to provide a solid base to build upon, although given the uncertain business environment the provision of forward guidance remains extremely challenging.”
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.