Security and surveillance systems developer Petards Group (LON:PEG) recorded record profits in 2017, with revenue recording an increase for the fourth year in a row to hit £15.6 million.

The group posted a 30 percent rise in annual profit after enjoying “another good year” in 2017. Pre-tax profit rose to £1.21 million, with revenue increased by 2 percent to £15.6 million.

Petards invested heavily in its eyeTrain hardware and software over the course of the year, with gross margins expanded to 38.6 percent, from 36.3 percent.

“The group’s order book at 31 December 2017 was over £18m, of which £12m is expected to be taken to revenue during 2018,” chairman Raschid Abdullah said.

“We are also engaged in on-going discussions for new projects across all areas of our business, many of which our customers have themselves already been awarded.

“This coupled with a strong balance sheet provides the board with confidence for the group’s prospects in 2018 and beyond.”

Shares sunk in early trading, however, and are currently down 2.04 percent at 23.02 (0841GMT).