Petards magnifies FY profit

26th Apr 2010 08:17

Shares in security and surveillance systems firm Petards jumped as it reported a 45% surge in full year pre-tax profit and said it remains confident for the future.Profit before tax rose to £1.0m for the year ended 31 December 2009 from £0.7m the same time a year before. "We are confident that the markets in which we operate will continue to expand," the group said in a company statement. Revenue for the year fell to £16m from £18.9m previously. Net debt reduced to £0.7m as at 31 December 2009 from £2.2min 2008.Commenting on the current outlook, chairman Tim Wightman said, "Our pipeline of sales opportunities across our business continues to increase and we are confident that the markets in which we operate will continue to expand."Petards said the majority of its £2.5m order for electronic countermeasures for MoD helicopters is completed. It has also won orders worth £4m from train builders for eyeTrain on new trains and is looking to increasing exposure to new markets including mainland Europe and the Middle East.However in the UK, the group said the degree of uncertainty, post General Election 2010, may well affect spending by its UK customers.Petard added, "While your board remains confident for the future, its expectation is for modest progress in 2010."