Petards to supply Siemens' trains with CCTV systems

Shares in software developer Petards Group rose as it announced it had won a £2m contract to supply German electronics giant Siemens with its digital CCTV systems.

The AIM-listed company will supply Siemens’ rail business with its eyeTrain system, an on-board digital CCTV product that will be fitted to the new Desiro city electrical multiple unit trains being built by the Munich-based conglomerate.

The equipment provides trains and their drivers with CCTV coverage, both internal and external, of saloon areas combined with pantograph, forward facing and track debris monitoring.

The contract is to start immediately with the first equipment delivery to be made at the end of the first quarter 2017, and the project is expected to be finished during 2018.

Petards chairman, Raschid Abdullah said: "We are delighted that Petards has secured yet another key contract under the global framework agreement with Siemens. This provides us with yet another exciting rail project which further enhances our position in the rail industry and significantly strengthens the group's present order book for delivery in 2017 and 2018."

Shares in Petards were up 9.09% to 24p at 1202 GMT and shares in Siemens were up 0.37% to 115.21 cents at 1214 GMT.