Petards posts steady revenues of £4.4m but warns full year results may fall short of expectations

Tyneside tech firm Petards has posted steady half-year revenues but warned that full year results may fall short of forecasts.

The Team Valley business is involved in developing, supplying and maintaining advanced security and surveillance technologies for the rail, traffic, defence and communications sectors, with key products including its subsidiary QRO’s Harrier AI camera and its eyeTrain rail surveillance solution. In the interim results for the six months ended June 30 the firm posted revenues of £4.415m, slightly up on the £4.403m posted in the same period last year.

Its operating losses widened from £489,000 to £878,000, as a result of its £2.85m acquisition of Affini Technology in June. Adjusted Ebitda (earnings before financial income and expenses, tax, depreciation, amortisation, exceptional items, acquisition costs and share based payment charges) was £33