Legal Proceedings Report • Dec 22, 2016
Legal Proceedings Report
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RNS Number : 6298S
Petards Group PLC
22 December 2016
PETARDS GROUP PLC ("Petards" or the "Group")
MOD Contract Renewal
Petards, the AIM quoted software developer of advanced security and surveillance systems, announces that it has secured a 3 year contract renewal from the Air Platform Systems Platform Protection team, part of the UK Ministry of Defence, worth in excess of £1.6m for the support of ALE 47 and M147 Threat Adaptive Countermeasures Dispensing Systems which are fitted to Lynx, Puma, Chinook, Merlin, and C130J aircraft platforms.
The contract is effective from 1 January 2017 and runs until 31 December 2019 with an option, which if exercised, would extend the contract for a further two years until 31 December 2021.
Under the terms of the contract Petards will continue to perform Post Design Services, with additional engineering, repair, refurbishment and manufacturing which are expected to significantly enhance the value of the agreement.
Commenting on the award, Petards Chairman Raschid Abdullah said;
"Having provided these services to the Ministry of Defence for many years it is pleasing they have renewed the contract at increased scope and value for a further three years while maintaining the option to extend for a further two."
Contacts:
Petards Group plc www.petards.com
Raschid Abdullah, Chairman Mb: 07768 905 004
WH Ireland Limited, Nomad and Joint Broker www.wh-ireland.co.uk
Mike Coe / Ed Allsopp Tel: 0117 945 3470
Hybridan LLP, Joint Broker www.hybridan.com
Claire Louise Noyce Tel: 020 3764 2341
Notes
Petards is a global supplier of products to original equipment manufacturers ('OEMs'), system integrators and end users in the rail, security and defence markets in new build, refurbishment and retrofit applications. The Company delivers ruggedised electronic solutions including video and sensor data surveillance, radio communications and threat simulation systems on mobile platforms. Petards offers a range of services, supporting its own and third party systems, spanning custom development, manufacturing, commissioning, maintenance and obsolescence management. Further information on its three product areas is included below:
Transport
Petards' market-leading eyeTrain technology provides leading edge products for on-board train video and sensing solutions, including Driver Only Operation Systems, Passenger Counting Systems, Saloon and Drivers View Video and Condition Based Monitoring. These systems have been chosen for installation on thousands of rail vehicles around the globe, helping to reduce operating costs, increase safety and improve passenger satisfaction.
Emergency Services
Petards' ProVida is one of the world's leading in-car police speed detection, surveillance and ANPR (Automatic Number Plate Recognition) brands, comprising four components: In-Car Video, Speed Enforcement, ANPR Systems and ANPR cameras. Fixed site, mobile, re-deployable and hand-held ANPR systems together with the integrating software, are also offered by the Petards subsidiary QRO Solutions enabling coverage across many of the UK's police forces. The Provida brand has also stretched to over 20 countries.
Defence
Petards provide a range of specialist engineering services to the defence sector. The Company has established a strong reputation for being a responsive, flexible and reliable partner in delivering challenging military programmes. Petards excels in the disciplines of Communications and Information Systems, Electronic Countermeasure Systems, Ruggedised Electronic Control Systems and in the provision of Engineering Services to UK MoD and other NATO countries.
This information is provided by RNS
The company news service from the London Stock Exchange
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