The Petards Group PLC (LON:PEG) share price blew up this morning after the surveillance systems group said profits would be hit by delays to some orders.
The company said that various Department for Transport franchising decisions during 2019 have affected the timing of some orders.
Pre-tax profit in the first six months of the year plunged to £206,000 from £514,000 the year before on turnover that fell 8% to £8.9mln from £9.7mln.
The company burned through £633,000, having generated £966,000 in cash in the first half of the previous year.
Net debt at the end of June stood at £700,000, compared to net cash of £1mln at the end of 2018.
"The group continues to benefit from a good order book which at 30 June 2019 included revenues of almost £7 million for the second half of 2019. This has been supplemented by orders received since June, the majority of which will benefit 2020,” said Raschid Abdullah, the chairman of Petards.
Shares in Petards were down 18% at 16p.