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.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 12 May 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
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.
From the reportevery line sits on the page it namesWhat drove revenueRail - 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 6AndTraffic - QRO/ProVida ANPR camera systems
First deliveries of Harrier Mini ANPR cameras made in Q2 2025; new overseas market investment; revenues affected by order delays late in year
page 7What moved the margintailwindGross profit margin up to 49.7% (2024: 45.3%), particularly within Rail, Defence and Affini
Strategic report financial review
page 8AndheadwindOverheads increased to £7,865,000 (2024: £6,215,000 before exceptional costs) almost entirely due to a full year of Affini ownership
Strategic report financial review
page 8What management saidThe 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 5After the year end5 January 2026: EMI options over 755,102 shares and unapproved options over 84,898 shares (exercise price 12.25p, granted Oct 2016 to R and O Abdullah) lapsed.
page 69The dividendThe directors do not recommend the payment of a dividend for 2025 (2024: also no dividend), following a loss after tax of £406,000.
page 26Going concern and the auditBoard adopted the going concern basis having reviewed working capital forecasts to 30 June 2027 and concluded reasonable expectation of adequate resources. Auditor HaysMac LLP gave an unqualified opinion (true and fair view, properly prepared under UK-adopted IAS and Companies Act 2006). Key audit matters: (1) fraud in revenue recognition, (2) impairment of intangible assets including goodwill (£4.6m carrying value), (3) recoverability of investments in subsidiaries and intercompany receivables (parent company). Auditor concluded no material uncertainty regarding going concern for at least 12 months from signing.
page 29The risks it names first- The Group may face increased competition, including from competitors with greater capital resourcesp.10
- The Group may need future access to capital to fund growth/acquisitions, which may not be availablep.10
- Financial results can be materially affected by the timing of large contracts, which is inherently difficult to predictp.10
- Government expenditure - demand for Group products depends on central/local government funding levelsp.10
Read from C000996-AR-2025-ch.
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