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Petards Group PLC - Services Support Agreement

RNS Number : 5458M
Petards Group PLC
12 May 2020
 

12 May 2020

 

 

PETARDS GROUP PLC

("Petards" or the "Group")

 

 

Services Support Agreement

 

 

Petards, the AIM quoted software developer of advanced security and surveillance systems, announces that it has signed a two year Services Support Agreement with Siemens Mobility for their Desiro City Fleet Projects.

 

The agreement with a commencement date of 1st August 2020 is for the provision of technical and software support, servicing and repairs to the Petards eyeTrain systems fitted on Siemens Desiro City for Class 700 Thameslink EMU's and Class 717 Moorgate EMU's.

Commenting, Petards Chairman Raschid Abdullah said;

"Having worked with Siemens Mobility since 2012 we are delighted to now enter into our first Services Support Agreement with Siemens UK. We are committed to providing ongoing support to our customers throughout the life of the trains. Services Support Agreements provide long term recurring revenue, operational efficiency and protection of the customer's asset value whilst in service. With a typical train life of 35 years and Petards eyeTrain systems presently installed in over 12,000 vehicles this provides a strategic milestone to significantly grow our Rail Support Services business."

 

Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) ("MAR") prior to its release as part of this announcement and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

 

Contacts:

 

Petards Group plc

www.petards.com

 

Raschid Abdullah, Chairman

Mb:  07768 905 004

 

 

 

 

WH Ireland Limited, Nomad and Joint Broker

www.whirelandplc.com

 

Mike Coe / Chris Savidge

Tel:  0117 945 3470

 

 

 

 

Hybridan LLP, Joint Broker

www.hybridan.com

Claire Louise Noyce

 

Tel:  020 3764 2341

[email protected]

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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AGRFLFSEEDILLII

Quick facts: Petards Group PLC

Price: 8.625

Market: AIM
Market Cap: £4.96 m
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