Train company supplier Petards has blamed challenging conditions within the UK rail market for contributing to a 28% drop in half year revenues.
The Team Valley business, which makes security and surveillance systems for the rail, traffic and defence sectors, saw revenues of £5.5m in the six months ended June 30, 2022, compared to £7.7m in the same period last year, with adjusted Ebitda also dropping from £929,000 to £606,000.
Profit after tax was £101,000, down from £430,000, and net cash came in at £1.1m, compared to the 2021 figure of £1.7m. Chairman Raschid Abdullah said the results reflect the present challenging conditions within the rail sector - and says rail customers will be reluctant to place new business until the Government sets its Great British Railways model in motion.
