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AGM statement

18 April 2018

Petards, the AIM quoted developer of advanced security and surveillance systems will hold its AGM this morning at 11.00 a.m. at The County Club, 158 High Street, Guildford, Surrey. At the AGM, Petards Chairman, Raschid Abdullah will make the following statement:

"I am pleased to report that in the first quarter of 2018 the Group has traded well with revenues being slightly ahead of management’s expectations and almost 15% up on the same period in 2017.

“Order intake for the period was higher than anticipated. This was primarily the result of the receipt of the £1.5 million of radio communication contracts received from the MOD announced in February, although excluding those contracts, order intake was still higher than expected.

“The Group entered 2018 with an order book of over £18 million and order coverage for 2018 revenues in excess of £12 million. At 31 March 2018 the order book of £18 million has been maintained and coverage of 2018 revenues from that order book and from the first quarter’s revenues has now increased to over £15 million.

"The visibility of forward revenues, together with the continuing discussions for major new projects referred to in the 2017 Annual Report, provides the Board with confidence that the 2018 full year results will show further progress over those achieved in 2017."

This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
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