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Surveillance systems developer Petards has reported lower revenues and an operating loss in a 'disappointing' final few months of 2019 after lower profitability on two rail projects.
In its results for the year ended 31 December 2019, the Group closed the year with revenues of £15.7m, down from £20m in 2018.
It reported an adjusted EBITDA loss of £281,000 for 2019 and a loss after tax of £193,000 (2018 restated: £693,000 profit).
Petards said the results were primarily due to a major customer re-scheduling eyeTrain system deliveries in the last quarter into 2020, and much lower than forecast profitability on two other rail projects.
It added that both those projects remained profitable, but with 'substantially reduced' margins for 2019, and confirmed that one project has now been fully installed and the second project is in the final stages of completion.
Petards' order book at 31 December 2019 totalled £15m, of which over £10m is scheduled for delivery in 2020.
The group's £0.75 million revolving credit facility, which is undrawn and was undrawn at the year end, has recently been renewed for a further two years to June 2022.
Chairman Raschid Abdullah said: 'In the 2019 interim report, I stated that the group's 2019 financial performance was expected to be lower than previously anticipated.
'However, as reported in the market update of 4 February 2020, the final months of the year were disappointing.'
At 8:28am: (LON:PEG) Petards Group PLC share price was -0.75p at 7.5p