Petards subsidiary secures contract extension with 'key customer'

24th Jun 2021 10:01

(Sharecast News) - Security and surveillance systems group Petards said on Thursday that a "key customer" had exercised its existing option to extend an existing contract for the provision of software licences, maintenance and support services.
Petards stated the extension, secured by its RTS Solutions subsidiary, was effective from 23 June and will run until June 2023, with the total value of the contract worth over £500,000 and annual revenues in excess of £250,000.

Under the terms of the contract, the AIM-listed group's subsidiary will continue to provide software licences, maintenance and third-line support in respect of its real-time failure and incident management system that supports the UK's national rail infrastructure.

Chairman Raschid Abdullah said: "We are delighted to have secured this contract extension and that our customer has recognised the expertise and high levels of customer service it has received from RTS over many years.

"This award, together with the three-year renewal of licensing and support agreements for WMS software announced in May, adds to RTS's order book and provides it with a strong core of recurring revenues for the current and following years."

As of 1000 BST, Petards shares were up 0.08% at 12.51p.