Petards shares jump on swing to 1H of pre-tax profit
By Xavier Fontdegloria
Shares of Petards Group PLC rose as much as 16% at the start of trading on Thursday after the company reported lower pre-tax profit for the first half of 2021, and said trading remained broadly in line with market expectations .
The developer of advanced security and surveillance systems made a pre-tax profit of 430,000 pounds ($ 585,574) in the six-month period ended June 30, compared to a loss of 506,000 GBP for the same period a year earlier.
Adjusted earnings before interest, taxes, depreciation and amortization – a key metric which excludes one-off and other one-off items – was Â£ 929,000 compared to Â£ 337,000 the previous year.
Revenue increased 8.5% to Â£ 7.7million due to increased shipments of the eyeTrain system – the group’s largest revenue producer – and after-sales support services , the company said.
However, the company said its backlog stood at Â£ 9million as of June 30, up from Â£ 12million at the end of 2020. The reduction reflects lower activity for eyeTrain.
The company said its trading remained broadly in line with market expectations. âHowever, reduced customer activity levels and order visibility for eyeTrain are closely monitored,â he said.
Shares at 07:53 GMT were up 1.0 pence, or 10%, to 10.75 pence, after hitting a high of 11.28 pence earlier in the session.
Write to Xavier Fontdegloria at [email protected]