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Petards Group wins two contracts worth GBP1.5m in total.

M2 EQUITYBITES-July 5, 2017-Petards Group wins two contracts worth GBP1.5m in total

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Petards Group plc (PETA.L) disclosed on Tuesday that it has won two "significant" contracts worth a total of GBP1.5m.

Also, the company said that the first contract was valued at GBP1.0m from the UK Ministry of Defence, pursuant to which it will deliver an emulator to enable its 'ALE-47 Threat Adaptive Countermeasures Dispenser System,' currently installed on the UK's large aircraft including rotor craft and helicopters, to be used more effectively. Delivery on this contract will commence in the second half of 2017 and be complete by mid-2018.

Further, the second contract valued at GBP500,000 with Leonardo MW, is for the continuing upgrade of the Merlin Mk.4 helicopter that is scheduled for delivery in the first half of 2018.

In addition to these contracts, the company mentioned that the Ministry of Defence has also opted to extend an existing contract for the supply of private mobile radio equipment, ancillaries and engineering services, by one year to September 2018. The expected annual revenue will be over GBP500,000.

Finally, the Petards shares were down 0.7% at GBP0.3003 per share on Tuesday.

Petards supplies advanced security and surveillance systems and operates in the development, supply and maintenance of technologies used in advanced security, surveillance and rugged electronic applications segment.

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Publication:M2 EquityBites (EQB)
Date:Jul 5, 2017
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