Petards Group plc
Petards Group plc is a UK AIM-listed (since 1997) developer, supplier and maintainer of advanced security, surveillance, communications and ruggedised electronic technology, operating in four markets: Rail (on-train video/sensing systems under eyeTrain and SaaS rail-network software under RTS), Traffic (ANPR systems under QRO/ProVida for UK and overseas law enforcement), Defence (electronic control, threat simulation and radio systems predominantly for the UK MOD) and Communications (critical communications systems integration for transport, blue light, energy, government and construction sectors). It serves predominantly UK blue-chip and government customers.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 14 Apr 2026 · 76 pages · Companies House
Petards Group plc, which makes and maintains security, surveillance, communications and rugged electronic equipment for rail, traffic, defence and communications customers, grew revenue to £14.9m in the year to 31 December 2025, from £12.0m. It still lost money, but less: profit after tax was -£406k, against -£1.1m the year before.
The report credits higher sales and better margins in Rail and Defence, and a first full year of owning Affini, a communications business bought in 2024. Running costs rose, almost entirely because of Affini. Several traffic-camera orders slipped from late 2025 into 2026.
Cash generated by day-to-day trading rose to £1.4m, but cash at the year end was just £12k, against borrowings of £1.4m. No money was raised from shareholders and no dividend was paid. Management called the £9.2 million order book encouraging and said 2026 had started in line with its expectations. It added that it is cautious about how the Middle East conflict could affect supply chains and customers. The auditor raised no doubt about the company's ability to keep going.
Rail - eyeTrain on-train sensing systems and RTS SaaS rail safety software
Petards Rail saw an overall increase in revenues and gross margin; order intake not seen for several years in H2
page 6Gross profit margin up to 49.7% (2024: 45.3%), particularly within Rail, Defence and Affini
Strategic report financial review
page 8The Group's £9.2 million opening order book and its revenue coverage for 2026 is encouraging and provides a solid base from which the business can progress. We enter 2026 in a stronger position than has been the case in the past few years... 2026 has started well with first quarter Group earnings in line with the Board's expectations.
page 5The directors do not recommend the payment of a dividend for 2025 (2024: also no dividend), following a loss after tax of £406,000.
page 2611 years on one page · FY2015–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
15 figures restated in a later report
Every figure is read again from the following year’s report: 362 confirmed, 8 differ, 15 restated.
No figure has been restated: every figure a later report printed again, it printed the same.
15 more figures were restated in FY2015 to FY2022, which a free account opens.