Petards (LSE:PEG) reported revenue of £7.7 million for the six months ended 30 June 2026, while adjusted EBITDA increased by more than 50% to £781,000 as the group recorded a higher gross profit margin.
Gross profit margin increased to 52.2%, while Petards reported an operating profit of £14,000. Cash generated from operations rose to £894,000, and net debt declined to £1.16 million at the end of the period.
The company said trading in its Rail and Defence divisions improved during the first half, alongside recurring revenues across the group. Defence activities included progress on a £2.2 million contract with Rheinmetall BAE Systems relating to the Challenger 3 programme.
Petards said Rail order intake reached its highest level in more than five years, supported by retrofit contracts for its eyeTrain technology. The division also secured additional orders in August.
QRO’s performance improved from the levels recorded in late 2025, while Affini reported an increase in managed services revenue despite lower project demand.
The group’s order book stood at £9.6 million at the end of the first half, compared with £9.2 million at the end of 2025.
Petards said it expects further cash generation and a reduction in net debt during the second half. The board also expects full-year results to show a further significant improvement compared with 2025.
The extent of QRO’s full-year performance remains dependent on the timing of law-enforcement orders.
More about Petards
Petards Group plc is an AIM-quoted developer of security, communications and surveillance technologies serving the rail, traffic, defence and critical communications markets.
Its operations include the eyeTrain and RTS rail businesses, QRO and ProVida traffic enforcement activities, defence engineering operations and Affini’s wireless and managed communications services.
The group’s revenues include project-based equipment supply, retrofits and upgrades, as well as recurring income from maintenance, software and managed services contracts.
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