Petards Group (PEG) , a developer of advanced security, communication and surveillance systems, announced that its subsidiary QRO Solutions has been awarded a further order worth over £0.25m for its AI-enabled ANPR cameras.
The order had been anticipated and is for the supply, installation, and ongoing support of QRO's all-in-one Harrier AI ANPR camera. It is expected to be delivered in the second half of 2024.
The contract brings the number of UK customers that have invested in Harrier AI cameras to five since the first order was announced back in February 2024, which was for a UK national highways application.
Raschid Abdullah, Chairman of Petards Group, commenting "We are excited about the level of customer interest and orders received for Harrier AI since its launch last December and believe that it has strong sales potential as its operational capabilities are exposed to additional customers. This should be further enhanced when the mobile version of Harrier AI is launched which we anticipate will be later this year.
Our initial engagements with integrators operating outside of the UK have also given us confidence that in the medium term, Harrier AI has the potential to be sold through distributors into international markets."
View from Vox
Petards' QRO Solutions wins another significant order for Harrier AI, its fifth since the product was launched 9 months ago. The award followed successful customer trials that demonstrated Harrier AI's technical capabilities and performance in ANPR traffic management and surveillance. More orders are expected in the short term as the product gains traction, with a mobile version in the works and international distribution on the horizon. PEG shares jumped 8.6% on the announcement.
QRO's Harrier AI camera is a disruptive product that was launched in December 2023, designed and built in the UK. It delivers real-time analytics ANPR software-enabled data processing, and is powered by machine learning algorithms, making it adaptive and responsive to rapidly changing road conditions.
Petards recently completed the acquisition of Affini Technology for £2.5m in cash and £326k in shares. The move aims to expand PEG's core portfolio and build its target markets while gaining a steady recurring revenue stream. At the time of acquisition, Affini was profitable and cash generative.
Follow News & Updates from Petards Group: