Petards Group PLC on Thursday warned its trading in 2023 is likely to be below its expectations.

Petards is a London-based technology company that develops security and surveillance applications, focussing on rail, traffic, and defence.

It expects to report revenue of £9.4 million, falling by 14% from £10.9 million a year ago.The figure is about 3% lower than market expectations, Petards said.

More positively, the firm said it expects gross profit margin to be slightly above the 47.3% reported in its interim results. In 2022, gross profit margin was 51.0%.

Looking ahead, Petards said it is confident of taking advantage of opportunities and delivering improved trading in 2024.

Shares in Petards fell 3.9% to 3.75 pence each in London on Thursday afternoon.

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