Petards secures £360k SaaS contract renewal

(Sharecast News) - Security and surveillance systems firm Petards said on Tuesday that it has received an order for the renewal of software-as-a-service licenses for its rail-focused software applications. Petards said the order was from a leading supplier to the UK rail industry, and renews the customer's licenses for RTS's work, resource and asset management SaaS applications for a further two years.

The AIM-listed firm noted that the renewal was worth £360,000 over the two-year period, with further smaller supplementary orders for licenses and other work expected to follow.

Chairman Raschid Abdullah said: "We are delighted to have secured this license renewal from such an important customer and the award adds to RTS's order book and provides it with a strong core of recurring revenues for the current and following years."

As of 0845 BST, Petards shares were down 6.06% at 7.75p.









Reporting by Iain Gilbert at Sharecast.com