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Interim results announcement

3 September 2014

Petards Group reports its interim results for the six months to 30 June 2014.

Key points:
  • Operational
    • Order book remains in excess of £20 million giving strong position for the second half 2014 and future years.
      • Approximately one third of order book is scheduled for delivery in the second half of 2014
      • Orders secured in first half of 2014 included;
        • Over £1.5 million for Petards eyeTrain CCTV systems from Siemens for new super high-speed trains it is building for the Turkish State Railway. This was the first order placed under a framework agreement signed with Siemens in June 2014 for the supply of Petards train related products and services.
        • Over £4.5 million for modification programme relating to countermeasures equipment for the MOD.
  • Financial
    • Results for the six months to 30 June 2014
      • Revenues up 101% to £7.2 million (2013: £3.6 million)
      • Gross margin 27% (2013: 40%), a reflection of higher defence equipment supplies
      • EBITDA £441,000 profit (2013: £158,000 loss before exceptionals)
      • Operating profit £346,000 (2013: £299,000 loss)
      • Profit after tax £273,000 (2013: £338,000 loss)
    • Finance
      • Cash inflow from operating activities £181,000 (2013: £1,029,000 outflow)
      • Cash at 30 June 2014 £1.5 million (31 Dec 2013: £1.4 million) and no bank debt
      • Basic EPS of 0.79p per share (2013: 3.11p loss per share)
      • Diluted EPS of 0.62p per share (2013: 3.11p loss per share)

Commenting on the current outlook, Raschid Abdullah, 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 continue 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."
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