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Preliminary results announcement

31 March 2014

Petards Group plc reports its audited result for the year ended 31 December 2013.

Key points:
  • Operational
    • At £20 million strong opening order book for 2014 (2013: £9 million)
    • Over 50% scheduled for delivery in 2014
    • £11 million of major orders obtained in second half of 2013 comprising;
    • £4 million for Petards eyeTrain CCTV and passenger counting systems from major global train builders
    • £7 million for replacement of RAF’s Secure Management Radio Equipment capability (SMRE) for use in RAF stations
  • Financial
    • Results for 2013
      • Revenues £6.3 million (2012: £9.0 million)
        Gross margin 40% (2012: 43%)
      • EBITDA before exceptional costs £716,000 loss (2012: £574,000 profit)
      • Operating loss £1,330,000 (2012: £327,000 profit)
      • Water Hall debt for equity swap gave rise to a one off finance cost of £978,000
      • Loss after tax £2,293,000 (2012: £200,000 profit)
    •  Finance
      • Cash at 31 December 2013 £1.4 million (31 Dec 2012: nil) and no bank debt
      • Convertible loan notes of £1.5 million maturing in September 2018 providing long term finance
      • Basic and diluted EPS of 15.9p loss per share (2012: 2.9p earnings per share)
  • Outlook
    • Good start to 2014 with revenue and profitability in line with budget
    • Much improved balance sheet and strong visible order book positions Petards for an improved performance for 2014

Raschid Abdullah, Chairman of Petards, commented:

"Petards is no longer in retrenchment mode. The actions taken by management over the past year have served to place Petards in a strong financial position supported by an invigorated and committed management team well placed to rise to the challenges of 2014 and beyond.

The strong visible forward order book and the positive start to the year positions the Company well for an improved performance for 2014."
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