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 2022.

Key Highlights:

• Financial
  o Revenue £5.5 million (H1 2021: £7.7 million)
  o Gross profit margin 49.3% (H1 2021: 39.6%)
  o Adjusted EBITDA £606,000 (H1 2021: £929,000)1
  o Post-tax profit £101,000 (H1 2021: £430,000)
  o Cash generated from operating activities £1,120,000 (H1 2021: £1,669,000)
  o Net funds at 30 June 2022 increased to £2.5 million (31 Dec 2021: net funds £1.5 million)2 o Diluted EPS 0.17p earnings (H1 2021: 0.74p)
• Operational
  o Continued strong cash generative performance
  o Significant growth at QRO with revenues up over 30%
  o Rail market challenging but spares, repairs services revenues back to pre-Covid levels o Significantly improved gross profit margin reflects increased content of higher margin engineering and support services and lower cost base
  o All expiring RTS software licenses and support renewed with increased number of users o Order book at 30 June 2022 £6 million (31 Dec 2021: £7 million)

1. Earnings before financial income and expenses, tax, depreciation, amortisation, and share based payment charges
2. Total net funds comprise cash and cash equivalents less interest-bearing loans and borrowings (including lease liabilities)

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

“The Board anticipates the Group will make further progress in the second half year and deliver a satisfactory and cash generative performance for year“

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This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.