Business
Strategic review and trading
Strategic review and trading.
About this update from Petards Group Plc
[{"type":"text","content":"\n Petards Group PLC\n20 December 2007\n\n\n Petards Group plc ('Petards' or 'the Company')\n\n Strategic review and trading update\n\nPetards, the AIM listed developer of advanced surveillance systems, announces an\nupdate on its strategic review and trading.\n\n\nStrategic Review\n\nIn the Interim Statement at the end of September the board indicated that it was\nappraising opportunities to partner or combine with other businesses to create\nsynergies and critical mass and was also considering the financing requirements\nto enable it to reach its full potential while remaining independent. In\nNovember the board announced that it had appointed ICON Corporate Finance\nLimited to act as corporate finance advisors to the Company and provide\nassistance in the further development and implementation of the board's\nstrategy.\n\nThe board has now concluded its review and decided that the potential of the\nCompany will best be realised by focusing its resources on a more limited range\nof technologies and markets. Accordingly it is currently in exclusive\ndiscussions with a third party that the board hopes will shortly lead to the\ndisposal of its UK Government and Commercial software business which includes\nthe software products UVMSTM, Advantage and COBYT. The cash proceeds from the\ndisposal will be used to reduce the group's bank indebtedness and to invest in\nthe remaining parts of the business.\n\nThe board continues to evaluate other means of maximising shareholder value and\nwill continue to update shareholders as appropriate.\n\n\nTrading Update\n\nSince the beginning of October the Company has received orders exceeding £7m,\nincluding the contract from First Great Western for Petards eyeTrainTM on-board\ndigital CCTV surveillance systems incorporating Petards Automatic Passenger\nCounting (APC) system worth over £1m and two contracts from the Ministry of\nDefence for the supply of electronic warfare defence systems worth over £2m that\nhave been previously announced. The Company has recently received an order from\na casino operator in the USA for the installation of its UVMS video management\nsystems worth $1.1m and further orders for APC systems and the supply of\nelectronic warfare defence systems totalling £1.5m.\n\nThe level of these orders represents a booked:billed ratio of over 1.7 in the\nlast quarter but, in ...