Rail tech supplier Petards saw a drop in revenue and profits last year but has hailed its current order book.
Results show the firm saw revenue drop from £13.57m to £10.8m in 2022, as operating profit more than halved from £570,000 to £225,000 amid headwinds in its main rail market. But the Tyneside-based maker of train and defence safety and surveillance systems told investors it is eyeing up potential acquisition targets and was likely to update on progress this year.
The growth ambition comes as Petards highlighted a £7m order book - up from £4m the year previous - and progress in generating recurring revenue from licencing, maintenance, spares and engineering support - all of which now account for almost half of the group's revenue. Challenges surrounding the transition to the planned public-owned Great British Railways body were said to have made securing new clients and orders more difficult for the firm's flagship eyeTrain surveillance systems and its software.
