Petards' RTS subsidiary secures contract extension

14th Feb 2024 11:29

(Sharecast News) - Security and surveillance systems group Petards has scored an extension to an existing contract for the provision of software licences, maintenance, and support services.

Petards said on Wednesday that the extension, secured by its' RTS Solutions subsidiary, was effective from June 2024 and runs until June 2025, with a total value of more than £300,000.

The AIM-listed group noted that, under the terms of the contract, RTS will continue to provide software licences, maintenance and third-line support in respect of its real-time failure and incident management system that supports the UK's rail infrastructure.

Chairman Raschid Abdullah said: "We are pleased to have secured this contract extension for this important safety-related software application which RTS has delivered for many years.

"This award adds to RTS's order book and supports its strong core of recurring revenues for the current and following year."

As of 1125 GMT, Petards shares were up 10.78% at 5.65p.

Reporting by Iain Gilbert at Sharecast.com