19th November 2013 – Trading update
19th November 2013
Petards, the AIM quoted developer of advanced security and surveillance systems, is pleased to provide an update on current trading.
While trading conditions for 2013 have remained difficult, the board’s expectation that order intake would improve in the second half of the year have been realised. In the period since it reported its 2013 Interim Results on 30 September 2013 the Company has been awarded a number of significant contracts by both its rail and defence customers. The value of these previously announced orders is in excess £10 million and as anticipated the revenue benefit of these orders will be largely seen in 2014.
The Company's current order book is approaching £20 million of which approximately half is expected to be delivered in 2014. The Company presently has no bank borrowings although the significant increase in its order book brings with it a requirement for greater working capital. The Board is presently reviewing its options for addressing this requirement.