Team-Valley based security surveillance specialists Petards Group PLC are back in the black after a successful first half.
The CCTV engineers say a five year framework agreement with Siemens to supply their eyeTrain technology for use on trains built for the Turkish State Railway has helped to bring pre-tax profits to £237,000 in the six months to the end of June, from a pre-tax loss of £338,000 in the same period last year.
Petards nearly doubled revenues from £3.57m to £7.16m in the same period, driven by contract wins with the MoD and Emergency Services.
Raschid Abdullah, the firm’s chairman, said: “The second half of 2014 has started well and the Group continues to trade profitably. The Group’s overall order book is in excess of £20 million of which over one third is expected to be delivered before the end of the current year.
“There continues to be opportunities for development and growth in all of our current product areas and we expect customers to be placing orders on a number of projects in the coming months which we believe we are well placed to secure.
“The Board is confident about the Group’s prospects for the second half and beyond as whilst there is still work to be done this year in closing out new business, the present order book already provides a strong base going forward into 2015.”
In a separate announcement to shareholders this morning Petards revealed that 49 year-old Paul Negus has taken up the post of director.
Mr Negus, who already has responsibility for business development for the Group’s rail products, spent eight years as managing director of PIPS Technology Limited, a developer of automatic number plate recognition and CCTV systems first under private ownership and latterly under the ownership of Federal Signal Inc.