AGM Statement (5341C)

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RNS Number : 5341C

Quadnetics Group PLC

02 May 2012

 
 For Immediate Release   2 May 2012 
 

Quadnetics Group plc

("Quadnetics" or the "Group")

AGM Statement

At the Annual General Meeting of Quadnetics Group plc, to be held at 11.00am today, the Chairman, David Coghlan, will make the following statement:

"After a solid improvement in 2011, Quadnetics' trading has continued strongly in the current year. On a like-for-like basis, excluding the effect of acquisitions, consolidated revenue for the four months to 31 March 2012 was up by approximately 15% compared to the same period last year. Margins have continued to increase towards our stated longer term objectives.

"The primary sources of growth remain the Synectics Network Systems and Synectics Industrial Systems divisions, where the Group's expanding suite of software-based intellectual property has enabled further significant project wins at attractive margins. Sales of surveillance systems for the US gaming industry and for major oil & gas developments in Australia, the Middle East and Far East have shown particular strength.

"Despite ongoing weakness in the Defence sector, Quadnetics' results and immediate prospects in the UK market have remained resilient. The strategy of concentrating on larger and more complex surveillance systems is bearing fruit, with several major contract wins, including the long-term upgrade and maintenance programme for Magnox nuclear facilities across the country. Margins in the UK transport sector have recovered from last year to more normal levels.

"The integration and performance of Indanet, the German transport surveillance specialist acquired in the second half of last year, are proceeding as planned.

"In all, the good progress in trading so far gives the Board increased confidence that Quadnetics will deliver results for the full year in line with market expectations."

 
 Quadnetics Group plc                   Tel: [phone] 
  John Shepherd, Chief Executive 
  Email: [e-mail] 
 Westhouse Securities Limited           Tel: [phone] 
  Tom Griffiths 
 Buchanan Communications Limited        Tel: [phone] 
  Tim Anderson /Sophie Cowles 
 

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