AGM statement and trading update – January 2009
Petards announces that at its Annual General Meeting held today all resolutions laid before the meeting were duly passed.
In his statement to shareholders, Tim Wightman, Chairman of Petards, provided the following trading update in respect of the Group's un-audited results for the year ended 31 December 2008: "We anticipate reporting a significantly improved result for the year ended 31 December 2008 compared to that seen in 2007. The Group reported an interim profit after tax of £0.3m for the six months ended 30 June 2008 and we are pleased to say that the Group remained profitable in the second half of the year. We expect to report revenue for the year of approximately £18.8m. The Group was cash generative in the second half year and we expect to report net debt of approximately £2.3m at 31 December 2008, reduced from £2.8m at the end of June 2008."