Business
Trading Update
Petards Group plc reported a strong trading update for the year ended 31 December 2025, with revenues increasing 24% year-on-year to approximately £14.9 million, and adjusted EBITDA expected to be around £1.0 million, a significant improvement from £0.4 million in 2024. The Group's total net debt reduced to £1.3 million from £1.5 million, supported by £1.4 million in cash generated from operating activities. This performance was driven by upturns in Petards Rail and Petards Defence, alongside a profitable first full year from Affini, and the year-end order book closed at £9.2 million, with approximately 85% scheduled for delivery in 2026. Disclaimer*
About this update from Petards Group Plc
[{"type":"text","content":"\n\nThis announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended (\"MAR\"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \n5 February 2026\n \nPetards Group plc\n(\"Petards\" or the \"Group\")\nTrading update\n\nPetards Group plc (AIM: PEG), the AIM quoted developer of advanced security, communication and surveillance systems, is pleased to provide a trading update for the year ended 31 December 2025.\nThe improvement in the Group's financial performance seen in the first half-year was sustained over the remainder of the year, with the year closing with an improved order book.\nAdjusted EBITDA is expected to be in line with current market expectations and the Group expects to report (all figures are unaudited):\n· Group revenues up 24% year-on-year of circa £14.9 million (2024: £12.0 million)\n \n· Adjusted EBITDA¹ of circa £1.0 million (2024: £0.4 million)\n \n· Total net debt² as at 31 December 2025 of £1.3 million (31 December 2024: £1.5 million)\nThe overall improvement in trading in 2025 reflected an upturn in trading at Petards Rail and Petards Defence, with both seeing increases in revenue and profitability over the prior year, and a profitable maiden full year's contribution from Affini.\nWhile QRO secured some important framework contract wins during the year, delays in the placement of orders affected its trading in the second half-year resulting in lower revenues than those achieved in 2024. However, looking forward, revenue momentum is expected to recover on the back of those framework contracts, significant market interest in the newly launched Harrier Mini, and the conversion of overseas opportunities.\nDuring the year, Petards generated cash of £1.4 million from operating activities (2024: £0.2 million), which after investing and financing cash flows, reduced total net debt² to £1.3 million at 31 December 2025.\nOrder intake for the year for Petards Rail and in particular Petards Defence were at levels not seen for several years. Followi...