Petards pleased to end year with strong contract wins

The Team Valley technology business said its pre-tax profits for the full year will be in line with expectations, on lower than anticipated revenues.

Petards eyeTrain systems are used on Electrostar trains, like this one in use at the Stansted Express
Petards eyeTrain systems are used on Electrostar trains, like this one in use at the Stansted Express

Security technology specialist Petards issued a trading update in which it said it expects year end pre-tax profits to be in line with market expectations.

The AIM listed firm, which develops advanced security and surveillance systems said it was pleased to close the financial year on December 31 2014 with contract wins.

In December the Team Valley company announced it had secured a £1.5m contract extension to supply train makers Bombardier with on-board CCTV systems.

The firm is producing its eyeTrain system – which comprises recorded digital camera equipment – for use on Bombardier Electrostar Electrical Multiple Unit (EMU) trains.

The contract builds on an agreement from October 2013, and will see Petards provide additional sets of the equipment already being supplied to Bombardier.

It means Petards’ technology will be in use on trains bound for Govia Thameslink Railway’s Gatwick Express route.

The firm also announced it had been awarded a contract by the Ministry of Defence (MOD) worth more than £1m to provide defensive aids equipment for use on aircraft within its fleet.

The equipment is expected to be delivered in the second half of this year.

In a market note to shareholders the group said its profit before tax for the year is expected to be in line with market expectations, on slightly lower than anticipated revenues.

Chairman Raschid Abdullah said: “It was pleasing to close the year having secured significant contracts from both Bombardier and the MOD, that were announced on December 22, adding to the group’s strong forward order book which remains in the region of £20m.”

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