Petards’ FY25 results, released last week, illustrated a significant improvement in performance over the prior year, with full year benefits from the Affini acquisition and an improvement in Rail and Defence delivering EBITDA of £1.0m, up from £0.4m in FY24. Results were in line with Zeus expectations, with revenue increasing 24.9% to £14.9m, leading to a reduction in adj. LBT to £0.68m from £0.9m in FY24. Following an improvement in order intake in both Rail and Defence, Petards ended the year ....
