Petards Group PLC Acquisition of QRO Solutions Limited (1420V)
April 14 2016 - 2:00AM
UK Regulatory
TIDMPEG
RNS Number : 1420V
Petards Group PLC
14 April 2016
14 April 2016
Petards Group plc
("Petards" or "the Company")
Completion of Acquisition of QRO Solutions
Petards, the AIM quoted developer of advanced security and
surveillance systems is pleased to announce that it has acquired
the entire issued share capital of QRO Solutions Limited ("QRO")
for a maximum consideration of GBP1,255,000. The consideration,
which will be satisfied in cash from Petards existing cash
reserves, includes deferred consideration of GBP140,000 the payment
of which is subject to QRO achieving revenues of at least
GBP1,750,000 and profits before tax of at least GBP240,000 in the
year ending 30 November 2016.
QRO (www.qrosolutions.co.uk) was established over 15 years ago
as a private business based in Northamptonshire providing
end-to-end Automatic Number Plate Recognition ("ANPR") security and
speed enforcement solutions to UK police forces and to integrators
serving the police and security markets. QRO's systems integration
expertise enables it to offer fixed site, mobile, re-deployable and
hand-held ANPR systems which can be integrated into its own back
office management suite of software; Check-IT ANPR, Check-IT CSGS,
Check-IT Handheld and Multimedia Vault.
QRO, which employs 11 permanent staff all of whom will remain
with the business post acquisition, will strengthen the Group's
offering and provides a strong service-based operation with
recurring revenues on which to expand further into the Emergency
Services sector. It will provide Petards with an entry into fixed
site ANPR and complement the Group's existing ProVida range of
mobile in-car enforcement products giving greater critical mass to
the overall business and a wider customer base in the UK and
overseas markets.
In the year ended 30 November 2015 QRO generated revenues of
GBP1,784,000 and profit before tax of GBP101,000. Over 25% of its
revenues related to recurring maintenance and similar contracts. At
30 November 2015 QRO had net assets of GBP683,000. The QRO balance
sheet at the date of acquisition includes cash balances of
GBP876,000.
Commenting, Raschid Abdullah, Petards Chairman said: "We are
delighted to welcome QRO and its staff to the Petards Group and
look forward to working together to grow the business both in the
UK and overseas. This acquisition marks a first step towards
expanding the Group into a broader earning base and the Board is
continuing to pursue other earnings enhancing acquisitions."
Gary Austin, QRO's Joint Managing Director and Co-founder
commented: "We are looking forward to the opportunity to build upon
the past success of QRO which will now operate as an independent
company within the Petards Group while benefitting from the greater
international reach and financial resources of the Group."
**ENDS**
For further information:
Petards Group plc www.petards.com
Raschid Abdullah, Chairman Mb: 07768 905 004
WH Ireland Limited, Nomad www.wh-ireland.co.uk
and Joint Broker
Mike Coe, Ed Allsopp Tel: 0117 945 3470
Hybridan LLP, Joint Broker www.hybridan.com
Claire Louise Noyce Tel: 020 3764 2341
Notes
Petards is a cash generative global supplier of products to
original equipment manufacturers ('OEMs'), system integrators and
end users in the rail, security and defence markets in new build,
refurbishment and retrofit applications. The Company delivers
ruggedised electronic solutions including video and sensor data
surveillance, radio communications and threat simulation systems on
mobile platforms. Petards offers a range of services, supporting
its own and third party systems, spanning custom development,
manufacturing, commissioning, maintenance and obsolescence
management. Further information on its three product areas is
included below:
Transport
Petards' market-leading eyeTrain technology provides leading
edge products for on-board train video and sensing solutions,
including Driver Only Operation Systems, Passenger Counting
Systems, Saloon and Drivers View Video and Condition Based
Monitoring. These systems have been chosen for installation on
thousands of rail vehicles around the globe, helping to reduce
operating costs, increase safety and improve passenger
satisfaction.
Emergency Services
Petards' ProVida is one of the world's leading in-car police
speed detection, surveillance and ANPR (Automatic Number Plate
Recognition) brands, comprising four components: In-Car Video,
Speed Enforcement, ANPR Systems and ANPR cameras. As well as
Petards' systems being used by many of the UK's police forces,
brand recognition extends to over 20 countries.
Defence
Petards provide a range of specialist engineering services to
the defence sector. The Company has established a strong reputation
for being a responsive, flexible and reliable partner in delivering
challenging military programmes. Petards excels in the disciplines
of Communications and Information Systems, Electronic
Countermeasure Systems, Ruggedised Electronic Control Systems and
in the provision of Engineering Services to UK MoD and other NATO
countries.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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