Newspaper article The Journal (Newcastle, England)

Improvement at Security Firm; SECURITY

Newspaper article The Journal (Newcastle, England)

Improvement at Security Firm; SECURITY

Article excerpt


SECURITY technology specialist Petards reported continuing improvement in its trading performance after posting a 26% rise in operating profits to PS436,000.

The Gateshead firm, which develops advanced security and surveillance system for the defence, transport and emergency service markets, also grew profit after tax by 30% to PS356,000 for the six months ended June 30.

Sales, however, were down 15% to PS6.06m on the corresponding period last year as 2014 included PS3m of lower margin equipment deliveries for the Ministry of Defence.

Looking ahead, the firm said the June order book is strong at PS19m, with orders within transport remaining particularly buoyant.

Heavy investment in product development was made in 2014, in particular in the area of transport, meaning investment will be substantially lower in 2015.

Chairman Raschid Abdullah stressed, however, that the group continues to work on developing and increasing the breadth and capability of its product range.

Mr Abdullah said: "The continued strength of the order book at June 30 provides good support for revenues for the second half of 2015, with around 40% currently scheduled for delivery before the year end, giving the board confidence for a satisfactory outcome for the year.

"I am pleased to report that the results for the group for the six months show continued improvement in the company's trading performance. This reflects significant increases in margins, profitability and cash flows over the comparable period in 2014 resulting in greater balance sheet strength."

During the period the group secured a number of new orders for its eyeTrain systems. In March the firm secured a deal worth more than PS1.5m from Siemens Mobility Germany for Driver Only Operation (DOO) systems and saloon CCTV.

And since then the group has been awarded further orders totalling PS1m by Bombardier Transportation and Hitachi.

The Bombardier order is for further sets of equipment to be fitted to Electrostar trains, while Hitachi have made a second order under the framework agreement awarded in August 2013 to supply products for the Class 800 trains for the Intercity Express Programme, which will be built at the recentlyopened Newton Aycliffe facility. …

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