Petards Group wins multi-million euro contract

19th Sep 2013 12:29

Petards, the AIM-quoted developer of advanced security and surveillance systems, has won a multi-million euro framework contract with Hitachi Rail Europe under which Petards will supply Passenger Counting Systems for the Class 800 series trains for the Intercity Express Programme (IEP).The initial contract is for the Great Western Main Line, the value of which is in excess of €1.1m, will be supplied over the next three years.Petards Chairman Raschid Abdullah said: "The board of Petards is delighted to have established a supply relationship for its products to a new train customer. Hitachi has demonstrated significant commitment to the UK Rail Sector with its significant investment in the North East in new train building."While the majority of the order will not be fulfilled until 2015 and 2016 the longer term nature of orders from new build train manufacturers provides visibility for future earnings and the ability to forge enduring relationships with them."We look forward to working closely with Hitachi in this important project to provide high speed trains for the Great Western IEP network and the East Coast IEP network and further to developing a long term relationship with them."NR