Key points:

• Operational
  • Order book maintained to close at £20 million (2013: £20 million)
  • Secured five year framework agreement with Siemens Mobility Division for the supply of Petards train related products and services under which over £3 million of orders received to date
  • Other significant orders secured during the year included:
    • Over £5.5 million for electronic countermeasure related projects from the MOD
    • Re-awarded framework contract by MOD to supply to it private mobile radio equipment, ancillaries and engineering support
    • Further orders from other leading global train builders including Bombardier Transportation and Hitachi Europe
• Financial
  • Petards returns to profitability
  • Results for 2014
    • Revenues more than doubled to £13.5 million (2013: £6.3 million)
    • Gross margin 30% (2013: 40%) reflecting higher defence-related equipment revenues
    • EBITDA £1.0 million profit (2013: £0.7 million loss)
    • Operating profit £0.8 million (2013: £1.3 million loss)
    • Profit after tax £0.6 million (2013: £2.3 million loss)
  • Finance
    • Generated £0.8 million of operating cash inflows
    • Cash at 31 December 2014 £1.4 million (31 Dec 2013: £1.4 million) and no bank debt
    • Convertible loan notes of £1.5 million maturing in September 2018 providing long term finance (31 Dec 2013: £1.5 million)
    • Basic EPS of 1.8p earnings per share (2013: 15.9p loss per share)
    • Diluted EPS of 1.4p earnings per share (2013: 15.9p loss per share)
• Outlook
  • Over 50% of opening order book scheduled for delivery in 2015
  • Performance in 2015 to date in line with management’s expectations

 
Raschid Abdullah, Chairman of Petards, commented:

"I am pleased to say for the year to date the Group has traded in line with expectations and that it remains well placed to add to the achievements of 2014. The visibility provided by the Group’s current forward order book and its pipeline of order prospects provides the Board with confidence that further progress will be made in 2015."
 
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