Petards Group PLC Contract Win (3714O)

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RNS Number : 3714O

Petards Group PLC

19 September 2013

PETARDS GROUP PLC ("Petards" or the "Group")

Contract Win

Petards, the AIM quoted developer of advanced security and surveillance systems, announces that it has secured a multi-million euro framework contract with Hitachi Rail Europe Limited (Hitachi) for Petards to supply Passenger Counting Systems for the Class 800 series trains for the Intercity Express Programme (IEP).

The initial "Call Off" contract is for the Great Western Main Line, the value of which is in excess of EUR1.1m, will be supplied over the next 3 years.

Commenting on the award, Petards Chairman Raschid Abdullah said;

"The board of Petards is delighted to have established a supply relationship for its products to a new train customer. Hitachi has demonstrated significant commitment to the UK Rail Sector with its significant investment in the North East in new train building.

While the majority of the order will not be fulfilled until 2015 and 2016 the longer term nature of orders from new build train manufacturers provides visibility for future earnings and the ability to forge enduring relationships with them.

We look forward to working closely with Hitachi in this important project to provide high speed trains for the Great Western IEP network and the East Coast IEP network and further to developing a long term relationship with them".

Contacts:

 
 Petards Group plc            www.petards.com 
 Raschid Abdullah, Chairman   Tel: 01483 452333 
                              Mb: 07768 905004 
 WH Ireland Limited           www.wh-ireland.co.uk 
 Mike Coe                     Tel: 0117 945 3470

This information is provided by RNS

The company news service from the London Stock Exchange

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