Petards shares surge as secures PS2.2 million defence contract
Petards Group PLC on Tuesday said it has been awarded a defence contract worth £2.2 million from joint-venture Rheinmetall BAE Systems Land Ltd.
Its shares climbed 52% to 11.43 pence on Tuesday morning in London.
The contract, which has been awarded to subsidiary Petards Joyce-Loebl, is for the provision of initial engineering design and obsolescence management services in support of RBSL’s Challenger 3 Upgrade Programme.
RBSL is set to deliver 148 Challenger 3 Main Battle Tanks to the British Army under this programme.
Petards said this initial order is scheduled to be fully delivered by the end of next year.
Rheinmetall BAE Systems Land is a joint venture launched in 2019 between Dusseldorf, Germany-based weapons-maker Rheinmetall AG and London-based defence contractor BAE Systems PLC.
It is a defence engineering company that designs, manufactures and supports military vehicles used by the British Army, as well as international customers.
‘We are delighted that RBSL has chosen to work with Petards on this important UK project which is the largest Defence engineering services order received by the Group for many years and we hope to further our involvement in the Programme as it progresses to its production phase,’ said Petards Chair Raschid Abdullah.
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