Petards Group: 30% increase in profit after tax

INTERIM RESULTS ANNOUNCEMENT

Petards Group, an AIM quoted developer of advanced security and surveillance systems, has reported interim results for the six months to 30 June 2015.

Highlights:

· Operational

o June order book remained strong at £19 million providing good revenue cover for the second half of 2015 and beyond

§ Circa 40% of order book currently scheduled for delivery in the second half of 2015
§ H1 2015 highlights included:

· Over £2.5 million of orders for Petards’ eyeTrain CCTV systems under the framework agreements held with Siemens and Hitachi, and a new project from Bombardier
· Strong recurring revenue streams for eyeTrain spares and support
· Financial

o Strong results for the six months to 30 June 2015

§ Higher margin revenues than 2014 totaled £6.1 million (2014: £7.2 million)

· Gross margins of 36.4% (2014: 27.4%)

§ 39% increase in EBITDA to £609,000 (2014: £441,000)
§ Operating profit increased to £436,000 (2014: £346,000)
§ 30% increase in profit after tax to £356,000 (2014: £273,000)

o Finance

§ Cash inflow from operating activities £558,000 (2014: £181,000)
§ Cash at 30 June 2015 £2.0 million (31 Dec 2014: £1.4 million) with no bank debt
§ Basic EPS up 30% to 1.03p per share (2014: 0.79p per share)
§ Diluted EPS up 23% to 0.76p per share (2014: 0.62p per share)

Commenting on the current outlook, Raschid Abdullah, Chairman, said:

“The continued strength of the order book at 30 June 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.”

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