Business
Board change/Results notice
Board change/Results notice.
About this update from Petards Group Plc
[{"type":"text","content":"\n Petards Group PLC\n26 May 2006\n\n\n Petards Group plc\n ('Petards')\n\n Board Changes and Notice of Results\n\nPetards, the AIM listed developer of advanced surveillance systems, announces\nthat David Hayes, Chief Executive will be leaving the company with effect from\n31st May 2006. David joined the group in 2004 and was appointed Chief Executive\nin March 2005. During that time he has overseen a major restructuring of the\nbusiness and, through the acquisition of PI Vision in September 2005,\nestablished operations in the US.\n\nSince September David has been spending an increasing proportion of his time in\nthe US to ensure proper integration of the UK and US activities from both a\nproduct development and operations point of view. He will continue in a\nconsulting capacity with the group, in particular to help develop the group's US\nactivities.\n\nThe Board is pleased to announce that it has appointed Bill Conn as Chief\nExecutive with effect from 1st June 2006. Bill joined the group in September\n2004 as Managing Director of Petards Joyce-Loebl having previously held senior\nmanagement roles within Alstom, Siemens, Rolls Royce and British Aerospace. He\njoined the Petards Group board in February 2005. Under his stewardship the\nperformance of Petards Joyce-Loebl has improved significantly in both the\ndefence and rail sectors. In particular, it has become a leading supplier to\nthe rail CCTV market in the UK and Europe, securing contracts worth £7.5m over\nthe past year. It is now well positioned to take advantage of other\nopportunities both in the rail and metro sectors. More recently it also secured\na £0.9m contract for the supply of displays to a European rail customer.\n\nThe group has undergone a transformation over the past year and will continue to\nmake operational improvements while investing further in sales and marketing\nboth in Europe and the US, where it sees excellent market opportunities over\nboth the short and medium term. It has contracted a Washington DC based\nconsultancy to assist in winning US federal and state surveillance systems\ncontracts.\n\nIn order to focus its resources, the group is continuing its drive for synergy\nbetween its businesses, including EIMC, which was acquired earlier this year,\nwhere additional production resource is being directed to eliminate an order\nbacklog. The ...