Petards says its defence and rail divisions has seen order intake ‘at levels not seen for several years’

Gateshead security tech firm Petards has hailed a boosted £9.2m order book as it expects to post a 24% lift in sales. The listed Team Valley company develops advanced security, communication and surveillance systems for the traffic, wireless, rail and defence sectors, and was recently awarded a £2.2m contract by Rheinmetall BAE Systems Land Limited (RBSL), a joint venture between the largest defence manufacturers in Germany and the UK.

The firm has now released a full-year trading update in which it says improvements in the first half of the year carried through to the remainder of the year, with the year closing with an improved order book. The group said group revenues for 2025 are expected to be up 24% year-on-year to around £14.9m, with adjusted Ebitda (earnings before interest, taxes, depreciation and amortisation) of circa £1m, more than double the previous year’s £400,000.

Bosses pointed to a boost in trading within Petards Rail and Petards Defence, with both seeing increases in revenue and profitability, as well as profitable maiden full year’s contribution from Affini, the Derby-based wireless specialist that Petards acquired last year. It said order intake for the year for Petards Rail and Petards Defence were “at levels not seen for several years”.

Following contract awards from the MOD, RBSL and BAE Systems in the last two months of the year totalling £3.5m, the group’s year end order book closed at £9.2m, up from £7.1m, with around 85% scheduled for delivery this year. Meanwhile, QRO – its subsidiary which specialises in providing Automatic Number Plate Recognition (ANPR) and mobile average speed solutions – secured some important framework contract wins during the year.

It said delays in the placement of orders within QRO affected its trading in the second half-year, resulting in lower revenues. Looking ahead, however, it said “revenue momentum is expected to recover” on the back of framework contracts, significant market interest in the newly launched Harrier Mini, and the conversion of overseas opportunities.

Commenting on the current outlook, Raschid Abdullah, chairman, said: “Petards performed well in 2025 generating cash and increasing revenues, with improvements in gross profit margin and profitability, while increasing its order book to £9.2 million at the year end.

“The group enters 2026 in a stronger position than it has in the past few years. While trading continues to be challenging with extended tendering processes, given the strength of the opening order book and its cover for 2026 revenues, the Group is well placed to deliver a continued improvement in its trading performance in the coming year.”

Like this story? For more news from the tech sector, visit our dedicated page for the latest news and analysis here.

UK-based artificial intelligence voice company ElevenLabs has raised a further $500 million in fresh funding, pushing its valuation to $11 billion and cementing its position as one of Britain’s most valuable private tech firms.

The latest round was led by Sequoia Capital, with participation from existing investors including Andreessen Horowitz and actor Matthew McConaughey. The deal more than triples ElevenLabs’ valuation from a year ago and brings total funding raised since its 2022 launch to $781 million.

Founded in London by former Google engineer Piotr Dąbkowski and ex-Palantir employee Mati Staniszewski, ElevenLabs has rapidly become a global leader in AI-generated speech. Its technology converts text into highly realistic, human-like voices, supports multilingual dubbing, and has recently expanded into music and sound effect generation.

The platform is increasingly being adopted by enterprises to create AI-powered customer service agents capable of conversing naturally in more than 30 languages. Clients include Deliveroo, Deutsche Telekom, Square, Revolut and the Ukrainian government.

The company has also been at the centre of wider debates around voice cloning and intellectual property. In response, ElevenLabs last year launched its “iconic voice marketplace”, allowing actors and estates to license their voices for commercial use. High-profile participants include Michael Caine and Liza Minnelli, with rights holders able to approve or reject individual requests.

The move is seen as a significant attempt to establish commercial guardrails in an industry facing growing scrutiny over consent, misuse and deepfake content. ElevenLabs previously settled a legal dispute with actors who alleged their voices had been used without permission.

Beyond voice, the company has broadened its ambitions. In August it unveiled an AI music generator capable of producing studio-quality tracks from text prompts, and it continues to invest heavily in transcription, dubbing and conversational AI.

Dąbkowski said the latest funding would accelerate ElevenLabs’ expansion beyond speech. “We started by building a voice that could sound human,” he said. “Now we’re developing foundational models across voice, transcription, music and conversational agents with a world-leading research team.”

The scale of the valuation underlines continued investor appetite for AI infrastructure companies, even as concerns mount over inflated valuations across the sector. ElevenLabs’ growth, however, reflects strong enterprise demand for tools that bring automation closer to human interaction — a space many believe will define the next phase of AI adoption.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

The Chicago Bulls have acquired rookie guard Rob Dillingham from the Minnesota Timberwolves in a multi-player trade that signals a fresh direction for both franchises ahead of the stretch run. The deal also sends forward Leonard Miller to Chicago, while guard Ayo Dosunmu heads to Minnesota, where he is expected to step into the Timberwolves’ rotation as soon as he is cleared from a quadriceps injury.

Trade details reshape both backcourts

Minnesota is sending Dillingham and Miller to the Bulls as part of a package for Dosunmu, with multiple outlets reporting that the Timberwolves are also receiving forward Julian Phillips and sending four second-round picks to Chicago. Dosunmu, 26, has missed time with a quad issue but is projected to join Minnesota’s backcourt mix immediately once healthy, adding scoring, length and defensive versatility to a team with Western Conference aspirations.

For Chicago, the move is another in a series of guard-focused trades that have dramatically reshaped the roster. The Bulls recently added Jaden Ivey, Collin Sexton and Anfernee Simons, and Dillingham now joins that crowded group as a high-upside but unproven rookie. With so many ball-handlers and scorers on the depth chart, his exact role remains unclear and could depend on future moves or injury developments.

Timberwolves bet on win-now guard help

The Timberwolves’ side of the trade is centered on Dosunmu, who is enjoying a career year in Chicago. He is averaging about 15 points, 3.6 assists and 3 rebounds per game while shooting over 51 percent from the field and an elite 45 percent from three-point range, production that has made him an attractive target for contenders in need of reliable two-way guard play.

Minnesota’s front office appears to view Dosunmu as an ideal fit to bolster a bench that has been heavily leaned on during consecutive deep playoff runs. His ability to guard multiple positions on the perimeter, hit catch-and-shoot threes and handle secondary playmaking duties aligns with the Timberwolves’ emphasis on depth and defensive intensity.

By parting with Dillingham, Miller and four second-round picks, the Timberwolves are effectively choosing proven production over potential. The move follows a broader pattern of Minnesota pushing chips in to maximize its current competitive window after back-to-back trips to the Western Conference Finals.

Bulls continue aggressive rebuild

For Chicago, the trade extends an aggressive mid-season overhaul that has seen the front office turn over a significant portion of the rotation and stockpile draft capital. In addition to earlier deals that moved veterans and added multiple second-round selections, the Bulls now bring in another young, offensively gifted guard in Dillingham, along with a versatile forward prospect in Miller.

Reports indicate the Bulls have already accumulated at least nine second-round picks and nine new players through a flurry of trades, underscoring a pivot toward youth and flexibility rather than chasing the middle of the Eastern Conference standings with a veteran-heavy core. The decision to move Dosunmu — whose trade value is widely considered to be at or near its peak — for a package built around prospects and seconds reflects that longer-term strategy.

Dillingham faces crowded backcourt in Chicago

Dillingham, a dynamic rookie guard known for his scoring instincts and playmaking upside, enters a Bulls situation that could either accelerate his development or limit his early minutes. Chicago’s recent acquisitions of Ivey, Sexton and Simons have already created stiff competition for backcourt minutes, and Dillingham is “likely buried in the depth chart” at least initially, according to the initial fantasy-focused report.

That reality has fueled debate among fans and analysts about whether the Bulls envision Dillingham as a long-term piece or as another asset that could be moved in future deals. Some observers argue that he is the type of high-upside guard who could thrive with more opportunity, possibly on an expansion team or a franchise in a more radical rebuilding phase, rather than behind a stack of established scorers.

Miller, meanwhile, offers Chicago length and athleticism in the frontcourt, with the potential to grow into a rotational forward if his defense and shooting continue to develop. His inclusion also provides the Bulls with another young, cost-controlled piece as they reshape the roster around their next core.

Fan reaction mixed, with scrutiny on Bulls’ front office

Reaction to the trade has been mixed across the league’s fan base, with particular scrutiny directed at Chicago’s front office. Some fans and commentators have praised the Bulls for capitalizing on Dosunmu’s peak value and landing a highly touted rookie guard plus additional assets without surrendering a first-round pick. Others have criticized the move as another example of the franchise holding onto players too long or failing to extract maximum value in trades, pointing to past decisions and a perception of organizational conservatism.

On the Minnesota side, the general sentiment is that the Timberwolves paid a meaningful but reasonable price for an impact guard who can help immediately, especially given that they did not have to part with any first-round draft capital. Still, some fans lament the loss of Dillingham’s potential and Miller’s upside, noting that both could flourish with more opportunity in Chicago or elsewhere.

Outlook: Short-term gains vs. long-term upside

For the Timberwolves, the calculus is straightforward: Dosunmu’s current production and skill set address immediate needs on a roster built to contend now. His expiring contract adds some risk—he is set to become an unrestricted free agent at season’s end—but Minnesota is betting that his impact this year justifies the cost and that the team will have a chance to re-sign him.

Chicago, conversely, continues to trade near-term certainty for long-term upside, stocking the roster with young players and stocking the asset cupboard with second-round picks. Whether Dillingham can carve out a meaningful role amid the Bulls’ guard logjam could be a key storyline for both his development and Chicago’s rebuilding timeline.

As the trade deadline dust settles, the deal stands as one of the more intriguing gambles of this cycle: a win-now push by Minnesota that hinges on Dosunmu’s ability to translate his Chicago breakout to a new system, and a high-variance play by the Bulls that depends on Dillingham and Miller growing into difference-makers in a crowded, evolving roster.

Chinese state-owned carmaker Chery is pressing ahead with its rapid UK expansion by launching a fourth brand in the British market, underlining its ambition to become a long-term player in one of Europe’s most competitive automotive landscapes.

The group confirmed it will introduce vehicles under the Lepas brand, a new line focused on battery-electric and hybrid SUVs aimed at younger families. While Lepas is being developed primarily with Europe in mind, the UK will be one of its early launch markets.

The move adds to Chery’s already fast-growing UK portfolio. Since entering Britain, the company has rolled out Omoda in 2024, Jaecoo in early 2025 and its core Chery-branded models last summer. Combined, those brands delivered more than 53,600 UK sales in 2025, giving Chery a 2.7% share of the market and putting it ahead of rivals including BYD, Tesla, Mini, Honda and Mazda.

Lepas vehicles will initially be manufactured in China and imported into the UK. Unlike the US and EU, Britain has not imposed additional tariffs on Chinese-built electric vehicles, making it an attractive entry point for manufacturers looking to scale quickly. However, the UK government is keen for overseas carmakers to move production onshore, and Chery has repeatedly indicated it is open to that possibility.

Jaguar Land Rover, the UK’s largest automotive employer, is understood to be in early-stage discussions about potentially using its factories to produce Chery vehicles, although no agreement has been finalised.

The announcement follows Chery’s recent confirmation that it will open a research and development headquarters for commercial vehicles in Liverpool, further strengthening its UK footprint beyond sales alone.

Chery has been China’s largest car exporter for more than two decades, but historically focused on lower-cost markets in the Middle East, Latin America and parts of Asia. The shift to electric vehicles, combined with heavy state backing and competitive pricing, has allowed Chinese manufacturers to make far deeper inroads into Europe.

In the UK, that momentum is already visible. In January alone, Chery sold nearly 6,100 vehicles, with hybrids accounting for the bulk of demand. Data from thinktank New Automotive shows that hybrid models, which pair smaller batteries with petrol engines, are proving particularly popular with British buyers.

The same data highlights the scale of competitive pressure facing established brands. Tesla’s UK sales fell to just 650 units in January, less than half its total a year earlier, as it continues to grapple with an ageing model range and reputational headwinds. BYD, which overtook Tesla globally in battery-electric sales last year, sold more than twice as many electric vehicles in the UK during the same period.

Chery has yet to commit formally to UK manufacturing, but senior executives have described localisation as a key strategic goal. Victor Zhang, the company’s UK director, said last year that Chery was “actively considering” building a British plant as part of an “in UK, for UK” strategy.

The Lepas brand appears positioned as a mass-market, lifestyle-led offering, with branding that leans into themes of fun and family appeal. That contrasts with Jaecoo, which has drawn attention for its design similarities to premium SUVs at significantly lower price points.

With four brands now lined up for the UK, Chery’s expansion shows no sign of slowing — and signals a broader shift in the balance of power within Britain’s car market.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

Advertisement

Heather Croft and Vanessa Slater have struck a deal to become the new directors of KES Solutions UK

Two recruitment consultants have announced plans to grow their North East business after completing a management buy out. Heather Croft and Vanessa Slater are the new directors of KES Solutions UK after the firm’s founder revealed plans to pursue new opportunities, giving the two consultants the chance to step up.

The firm provides recruitment services to industries including automotive, manufacturing chemicals and petrochemicals, warehousing and logistics, and technical and engineering, with a turnover of £3.7m. Based at Houghton-le-Spring, the company was launched in 2007 and now employs seven people. Founder Kelly Swann offered the opportunity to purchase the business to her two most experienced consultants.

Ms Croft, from Peterlee, said: “When we were given the chance to buy the business from Kelly, we were both so excited, but we also knew it was going to be a big challenge for us as working for a business and running it are very different.

“However, Vanessa and I knew the business inside out and I think Kelly was happy that she was handing it over to people who cared as much about it as she had done. When we told our team there were tears. Everyone was so happy for us and that gave us a real confidence boost that we had done the right thing.”

Ms Slater, from South Shields, said: “Although it was a big decision, ultimately the management buy out was a no brainer for us. We just knew it was the right time, personally and professionally, and the right thing for the team too.

“The biggest challenge we faced was getting our heads round the things that come with running a business, for example the finances, the management, and the business development.

“Heather and I work so well together and over the past few months, we’ve really started to understand everything. We are feeling so positive about what the future holds for KES Solutions UK.

“We’re both ambitious and want to help the business to grow, but in the right way. Not too fast, too soon. It has to be right so that we can deliver what we promise and every client always feels as valued and important as the next.”

Ms Croft, added: “We’ve now formed a firm plan of what we’d like to achieve. Our approach is to make subtle changes and targeting organic growth. The business is well established and we’re very good at what we do so we don’t need to try and fix something that isn’t broken. It’s simply about doing what we do but better if we can.”

Like this story? For more deals news you can visit our dedicated page for the latest news and analysis here.

Nike’s Mind platform is one of the brand’s most ambitious innovations yet, blending neuroscience, design and sport psychology into a new category of “sensory footwear.” Here are 10 things you need to know about Nike Mind — and why it matters for the future of performance.

1. Nike Mind is Nike’s first neuroscience-based footwear platform

Nike Mind is not just another cushioning or performance foam; it is Nike’s first footwear platform explicitly built around neuroscience and how the brain responds to sensory input from the feet. Developed inside the Nike Mind Science Department, a branch of the Nike Sport Research Lab, the project spent about a decade in research and prototyping before its public debut.

Unlike traditional performance shoes that focus on speed, propulsion or impact protection, Nike Mind is designed to change how athletes feel mentally by stimulating specific neural pathways through underfoot contact. Nike describes it as a “new sensory footwear concept that helps reawaken the foot, the body and the mind,” signaling a shift from pure physical performance to mind–body integration.​

2. It’s built around 22 anatomically mapped foam nodes

At the heart of Nike Mind technology is a system of 22 foam “nodes” mapped to key regions under the foot. These nodes are attached to a flexible base and function like tiny pistons or gimbals that move independently as you walk, stand or shift your weight.

The idea is to target pressure points and mechanoreceptors on the sole, which are directly linked to sensory regions of the brain. By constantly changing the pattern of underfoot stimulation, the nodes amplify sensation and mimic a more natural, varied interaction with the ground than flat cushioning normally provides.

3. It’s designed for pre-game priming and post-game recovery

Nike Mind shoes are explicitly framed as “pre-game and post-game” tools rather than race-day or in-game performance footwear. Nike says the platform is meant to help athletes prime their nervous systems before competition and then reset or decompress afterward.

During pre-game routines, the sensory stimulation is intended to sharpen focus, heighten awareness and mentally prepare athletes to compete. Post-game, the same technology aims to support recovery by helping the brain and body shift out of high-alert competition mode and into a calmer, more grounded state.

4. Nike Mind 001 and Mind 002 launch the line

The first products to feature the technology are Nike Mind 001 and Nike Mind 002. Mind 001 is described as a slip-on mule with a minimalist, “directionless” design that’s easy to slide into before or after training. Mind 002 takes the same sensory system and wraps it into a more structured sneaker silhouette for everyday movement and more active use.

Both styles share the 22-node underfoot system, but they target slightly different use cases: the mule emphasizes simplicity and transition, while the sneaker emphasizes stability and versatility for walking, light training and daily wear.

5. The goal is to quiet the brain’s “default mode network”

One of the most striking claims behind Nike Mind is neurological: the shoes are designed to help disengage the brain’s default mode network (DMN) and activate the sensorimotor network. The DMN is associated with mind-wandering, ruminating and self-referential thoughts, while the sensorimotor network is linked to movement, touch and present-moment engagement.

Nike’s researchers report that in trials, the underfoot sensory pattern from the foam nodes increased activity in brain regions responsible for processing touch and boosted alpha-wave activity associated with meditative or calm-but-alert states. In practical terms, that translates to feeling more grounded, less distracted and more “in the moment” before or after competition.

6. Nike built a dedicated Mind Science Department

To create Nike Mind, the company formed a specialized Mind Science Department inside its existing Nike Sport Research Lab. This team combines neuroscientists, biomechanists, engineers and designers who study how mechanical inputs at the foot translate into electrical signals in muscles and brain rhythms.

During development, athletes and test subjects were wired to EEGs and other sensors while using Mind prototypes, logging tens of thousands of hours of wear and generating large datasets on how underfoot stimuli shape perception, attention and emotional state. Nike’s Chief Science Officer, Dr. Matthew Nurse, describes the project as an expansion from “studying the body in motion” to studying perception and attention as core elements of performance itself.

7. Top athletes like Erling Haaland tested the shoes

Elite athletes were heavily involved in Nike Mind’s validation. Manchester City striker Erling Haaland is cited as a key tester; he reportedly praised the shoes for helping him “bring balance to my game,” referencing a feeling of improved mental stability and focus.

Across hundreds of trials with professional athletes, healthcare workers and therapists, wearers consistently reported heightened awareness, sharper focus and a sense of being more grounded and in control. Those subjective reports line up with the neuroscientific data showing shifts in sensory networks and meditation-like brain activity when Mind shoes are used properly.

8. Mind is about mental engagement, not max speed

Nike is clear that Mind 001 and Mind 002 are not racing shoes or performance trainers in the traditional sense. Instead, the design brief focuses on mental engagement, flow state and recovery—what Nike calls “holistic performance.”​

The footwear is “directionless by design,” which means it’s not optimized for a specific gait pattern or sprinting efficiency but for free movement, shifting weight, micro-adjustments and sensory exploration. The goal is to give athletes and everyday wearers a tool they can use before, between or after high-intensity sessions to re-center mentally, rather than something to shave seconds off a race.

9. The design language is minimal, tactile and “mindful”

Aesthetically, Nike Mind 001 and 002 lean into a clean, futuristic minimalism that underscores their role as sensory tools rather than flashy performance sneakers. The uppers favor simple lines, soft materials and easy entries, while the visible underfoot node structure and flexible base signal the technology underneath.

Materials were chosen for comfort and “consciousness”—soft yet supportive foams, flexible platforms and water-resistant bonding that allow the nodes to move freely in all directions. Every design choice is meant to keep your attention on how the shoe feels, not just how it looks, reinforcing Nike’s pitch that Mind is about reconnecting the wearer with their own body and environment.

10. Nike sees Mind as “chapter one” of brain-focused gear

Nike executives repeatedly describe Mind as just the beginning of a much larger move into brain-centered performance products. Dr. Matthew Nurse has called Mind 001 and 002 “chapter one of the feet,” suggesting that future chapters may target other parts of the body and broader emotional or cognitive states.

The company frames Mind as a “sensory intervention” and hints at expanding neuro-informed design into apparel and accessories that influence how we feel—calm, energized, focused—through touch, pressure, temperature and other stimuli. That vision positions Nike not just as a maker of shoes and clothing, but as an early player in consumer neurotechnology, where what you wear is deliberately engineered to shape your mind as much as your muscles.

In short, Nike Mind is less about running faster and more about feeling more present, focused and resilient—using your feet as a direct doorway into your brain.