Petards Group secures contract with Ministry of Defence

2nd Jul 2014 11:44

Security surveillance systems developer Petards Group has secured a contract with the Ministry of Defence worth £4.5m to undertake a modification programme for one of its aircrafts.The project, which will begin immediately, is expected to add to revenues in the current and two later financial years, with the largest proportion falling within 2015. The firm anticipates that the project will be completed by the end of the first quarter of 2016.The contract is to replace components within ALE-47 Threat Adaptive Countermeasure Dispensing System which form part of the integrated Defensive Aids Suite.Chairman Abdullah Raschid said: "The company has a long heritage in providing electronic countermeasure systems and services that help to protect the lives of the UK's service personnel and the aircraft in which they serve and is proud to be given the opportunity to work with MOD on this programme."As of 12:24 the share price had risen 17.78% to 13p.WS