Multi-year framework agreement renewal

Petards, the AIM quoted developer of advanced security, communication, and surveillance systems, announces that its subsidiary, Affini Technology (Affini), has agreed the multi-year renewal of an existing customer framework agreement.

The agreement covers the supply of critical communications equipment and related installation and engineering support services. Its term will now run until 31 December 2029 and the customer has the option to extend this by up to two years, which if fully exercised, would increase its term to six years.

As it is a framework agreement, there is no contractually committed value, but Affini anticipates that the related future revenues arising will be in excess of £1 million per annum over the initial four-year contract term.

Raschid Abdullah, Chairman of Petards Group plc said:

"We are delighted that this customer has chosen to renew its framework agreement with Affini, giving it the opportunity to continue to work with them to deliver their critical communications infrastructure.

"While the Group's order book value will only reflect the benefit of this framework agreement as contractual purchase orders are placed over its four-year term, this renewal provides a strong under pinning of Affini's future trading over the coming years."