Petards expects one-off items to boost profit

Petards said its annual pre-tax profit was expected to be above market expectations due to a number of one-off gains.

Around £1m of revenue, however, would be deferred to 2018 due to software programming delays, meaning pre-tax profit from trading operations would be lower than expected.

One-off gains would include the acceptance of a £702,000 settlement offer related to a "historic matter" that arose 10 years ago. A separate gain would also be recorded relating to the reclassification of £211,000 from equity to income.

"While it is disappointing that delays in the development programmes for new eyeTrain products has deferred some revenues into 2018, the group continues to trade profitably and enters 2018 with an order book of £18m," chairman Raschid Abdullah said.

"Over £12m of this is scheduled for delivery in the coming year and the board remains confident of the group's future prospects."

At 8:17am: (LON:PEG) Petards Group PLC share price was -2p at 19p