Advanced security and surveillance software developer Petards announced on Monday that the Ministry of Defence (MoD) has exercised its option to extend its existing three year contract - initially announced on 22 December 2016.
The AIM-traded firm said the contract, from the Air Platform Systems Platform Protection team, was worth more than £1.6m, with the extension for a further two years to 31 December 2021.

It was for the support of ALE 47 and M147 Threat Adaptive Countermeasures Dispensing Systems which were fitted to Lynx, Puma, Chinook, Merlin, and C130J aircraft platforms.

Under the terms of the contract, Petards would continue to perform post design services, with additional engineering, repair, refurbishment and manufacturing, which were expected to "significantly enhance" the value of the agreement.

The contract extension was expected to be worth more than £1.1m over the two year period, in addition to the original contract which was worth more than £1.6m for the three year period to 31 December 2019.

"We consider it a real vote of confidence that the Ministry of Defence has chosen to exercise the option on the contract at this early stage," said Petards chairman Raschid Abdullah.

"This is testament to the high level of service which we have provided and gives us a strong platform from which to invest for the future."

Related share prices
Petards Group (PEG) share price