Petards Group PLC on Tuesday praised their financial performance despite posting a decline in profit amid a difficult rail market environment.
Petards is a London-based technology company that develops security and surveillance applications, focussing on rail, traffic, and defence.
For 2022, pretax profit declined by 65% to £178,000 from £502,000 the previous year, due to reduced sales and widespread disruption in the UK rail market which affected order book levels.
The delay regarding the transfer of contacts to Great British Railways impacted the UK rail market, negatively affecting the acquisition of new clients for Petards’ eyeTrain systems and RT’s Ops Suite software.
Revenue decreased 19% to £10.9 million from £13.5 million the year before.
The company did not declare a dividend.
Chair Raschid Abdullah said ‘The group performed well in 2022 generating profits and cash from operations in challenging conditions, particularly in the Rail market. The current financial year has started satisfactorily with the group continuing to trade cash generatively.’
‘Management is continuing to drive the group’s development forward, and the board’s objectives for 2023 are for improved results, strong cash generation and to further strengthen the group’s portfolio of businesses.’
Petards shares were trading 0.4% lower at 8.00 pence in London on Tuesday at noon.
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