Contract win - RTS Solutions (RTS)
25 June 2018
Petards, the AIM quoted developer of advanced security and surveillance systems, announces that it has been awarded a multi-year contract renewal for the provision of software licences, maintenance and support services to Network Rail.
The contract secured by Petards’ recently acquired subsidiary RTS Solutions (RTS), is a renewal of a similar four year contract that expired on 22 June 2018. This new five year contract is effective from 23 June 2018 and runs until June 2023, the final two years of which are at Network Rail’s option. The contract value for the full five year period is worth approximately £1.3 million with annual revenues in excess of £250,000.
Under the terms of the contract RTS will continue to provide software licences, maintenance and third line support to Network Rail in respect of its real time failure and incident management system that supports the UK’s national rail infrastructure.
Raschid Abdullah, Chairman of Petards Group plc said:
“We are delighted that Network Rail has recognised the expertise and high levels of customer service provided by RTS over many years through the award of this contract. It builds upon the long established relationship RTS has with Network Rail for the provision of software and related services that form a key part of its day-to-day safety operations of the UK rail network.
In securing this contract only a few weeks after becoming the newest member of the Petards Group, RTS has made a strong start to its life under Petards’ ownership and the Board are confident that it will prove to be an excellent addition to the Group.”
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.