Petards Group PLC Contract Win (3192S)
June 25 2018 - 2:00AM
UK Regulatory
TIDMPEG
RNS Number : 3192S
Petards Group PLC
25 June 2018
25 June 2018
PETARDS GROUP PLC
("Petards" or the "Group")
Contract Win
Petards, the AIM quoted developer of advanced security and
surveillance systems, announces that it has been awarded a
multi-year contract renewal for the provision of software licences,
maintenance and support services to Network Rail.
The contract secured by Petards' recently acquired subsidiary
RTS Solutions ("RTS"), is a renewal of a similar four year contract
that expired on 22 June 2018. This new five year contract is
effective from 23 June 2018 and runs until June 2023, the final two
years of which are at Network Rail's option. The contract value for
the full five year period is worth approximately GBP1.3 million
with annual revenues in excess of GBP250,000.
Under the terms of the contract RTS will continue to provide
software licences, maintenance and third line support to Network
Rail in respect of its real time failure and incident management
system that supports the UK's national rail infrastructure.
Raschid Abdullah, Chairman of Petards Group plc said:
"We are delighted that Network Rail has recognised the expertise
and high levels of customer service provided by RTS over many years
through the award of this contract. It builds upon the long
established relationship RTS has with Network Rail for the
provision of software and related services that form a key part of
its day-to-day safety operations of the UK rail network.
"In securing this contract only a few weeks after becoming the
newest member of the Petards Group, RTS has made a strong start to
its life under Petards' ownership and the Board are confident that
it will prove to be an excellent addition to the Group."
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
Contacts:
Petards Group plc www.petards.com
Raschid Abdullah, Chairman Mb: 07768 905 004
WH Ireland Limited, Nomad and www.whirelandcb.com
Joint Broker
Mike Coe / Ed Allsopp Tel: 0117 945 3470
Hybridan LLP, Joint Broker www.hybridan.com
Claire Louise Noyce Tel: 020 3764 2341
claire.noyce@hybridan.com
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END
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