**Summary**
Petards Group PLC, a developer of advanced security, communication, and surveillance systems, reported its final results for the year ended December 31, 2025. Key highlights include
**Financial Performance** Total revenues increased by 24% to £14.9 million, with a gross profit margin of 49.7%. Adjusted EBITDA rose to £1.0 million, and the operating loss reduced to £435,000. Net cash inflow from operating activities grew to £1.38 million, and net debt decreased to £1.34 million.
**Operational Growth** Revenue growth was driven by the first full-year contribution from Affini and improved performance at Petards Rail. Over 50% of revenues came from service, engineering support, spares, repairs, and managed services. The order book increased to £9.2 million, with £7.7 million scheduled for delivery in 2026.
**Strategic Developments** QRO moved to larger premises to support future growth, and Petards Defence secured significant contracts, including a £2.2 million order from RBSL for the Challenger 3 Upgrade Programme.
**Outlook** The company enters 2026 with a strong order book and revenue coverage, positioning it for continued improvement in trading performance. Despite cautiousness regarding geopolitical events, the Board is confident in delivering growth, supported by a solid first-quarter performance in 2026.
| Financial Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Total Revenues (£ million) | 12.0 | 14.9 | +24% |
| Gross Profit Margin (%) | 45.3 | 49.7 | +4.4% |
| Adjusted EBITDA (£ thousand) | 410 | 1,002 | +144% |
| Operating Loss (£ thousand) | (774) | (435) | +44% |
| Loss After Tax (£ thousand) | (1,127) | (406) | +64% |
| Net Cash Inflow from Operating Activities (£ thousand) | 194 | 1,384 | +613% |
| Net Debt (£ thousand) | 1,535 | 1,339 | -13% |
| Order Book (£ million) | 7.1 | 9.2 | +30% |