Petards

MOD Contract Renewal

20 December 2016

Petards, the AIM quoted software developer of advanced security and surveillance systems, announces that it has secured a 3 year contract renewal from the Air Platform Systems Platform Protection team, part of the UK Ministry of Defence, worth in excess of £1.6m for the support of ALE 47 and M147 Threat Adaptive Countermeasures Dispensing Systems which are fitted to Lynx, Puma, Chinook, Merlin, and C130J aircraft platforms.|

PETARDS GROUP PLC ("Petards" or the "Group")

MOD Contract Renewal

Petards, the AIM quoted software developer of advanced security and surveillance systems, announces that it has secured a 3 year contract renewal from the Air Platform Systems Platform Protection team, part of the UK Ministry of Defence, worth in excess of £1.6m for the support of ALE 47 and M147 Threat Adaptive Countermeasures Dispensing Systems which are fitted to Lynx, Puma, Chinook, Merlin, and C130J aircraft platforms.

The contract is effective from 1 January 2017 and runs until 31 December 2019 with an option, which if exercised, would extend the contract for a further two years until 31 December 2021.

Under the terms of the contract Petards will continue to perform Post Design Services, with additional engineering, repair, refurbishment and manufacturing which are expected to significantly enhance the value of the agreement.

Commenting on the award, Petards Chairman Raschid Abdullah said;

"Having provided these services to the Ministry of Defence for many years it is pleasing they have renewed the contract at increased scope and value for a further three years while maintaining the option to extend for a further two.”

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