The Team Valley tech firm works with the biggest train builders in the world, and investments are being made in eyeTrain, its top selling brand
Directors at Gateshead security specialist Petards are confident for the future after deals with global train firms boosted orders to £24m.
The firm, which employs more than 100 people at its Team Valley base, develops, supplies and maintains security and surveillance technologies used by the rail, defence and emergency service sectors, and the train market has been particularly lucrative for the business.
Chairman Raschid Abdullah told shareholders that sales of its leading eyeTrain products now account for almost two third of group revenues, and investment is being made in new eyeTrain software functionality.
interim results for the six months ended June 30 2017 show Petards' revenues rose by 8% to £8m, while EBITDA increased 18% to £925,000 and pre-tax profit was up by 6% to £503,000.
Many of the world's leading train builders such as Bombardier, Hitachi and Siemens are now on the firm's client list, which was joined by Stadler Bussnang AG in the period, and orders worth more than £8m were received in the period from Stadler, Bombardier and the Ministry of Defence.
Mr Abdullah said that revenues for defence products were down on 2016, as expected, due due to the first half of 2016 benefitting from the final deliveries on alrage order in 2014 and from a £800,000 order for radio equipment.
Raschid Abdullah, Chairman, said: "In the first six months of 2017 Petards continued to grow its profits and re-invest them with the objective of strengthening its market positions through the development of a broader product portfolio and customer base.
"The proportion of the Group's revenues generated from it eyeTrain products continued to grow and accounted for almost two thirds of Group revenues.
"The past four years have seen a change in the revnue contribution, with the Rail business now accounting for an ever increasing proportion of the Group';s revenues. The consequence of this that the Group continues to forward invest its position in the market.
"While the market for the Group's defence products and services is lower than when the UK's armed forces were deployed on active combat, the order intake for the six months to 30 June 2017 was the highest for three years.
"The results for the first half of the year and a strong order book that includes almost £8m of revenues scheduled for delivery in the second half of 2017 and nearly £11m for 2018 providing good support for the current year nad a foundation for 2018.
"That growth in product development and projects has been financed from its own resources without recourse to shareholders or debt demonstrates the strength of the Group.
"Against this backdrop and on-going customer discussions for new projects, the Board continues to e confident about the Group's future prospects."