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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Quadnetics Grp | LSE:QDG | London | Ordinary Share | GB0007156838 | ORD 20P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 290.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:4721F
Quadrant Group PLC
14 February 2000
Quadrant Group plc
Interim Results for the half year to 30 November 1999
Half Year Statement
Quadrant Group's overall result for the half year to 30 November
1999 was a profit before tax of #793,000 (1998/9: #21,000).
Before interest and exceptional items, the Group recorded a loss
of #328,000 (1998/9: profit #191,000). This result was dominated
by two factors:
- a re-orientation of Quadrant's flight simulation business,
Quadrant Systems, following the strategic alliance agreement
with FlightSafety Boeing Training International ("FSB"); and
- a substantial temporary drop in the UK town centre CCTV
security market, caused by the timing of new national
government funding.
The Quadrant Systems/FSB agreement was announced to shareholders
and explained in detail last September. In summary, Quadrant
sold its three full flight simulators to FSB (resulting in an
exceptional gain of #1.2 million), and entered into a contract to
maintain all simulators at FSB's Burgess Hill training centre for
a minimum of five years. In addition, Quadrant Systems became
FSB's Preferred Supplier for simulator upgrades and relocations
worldwide.
This move positions Quadrant Systems to benefit from accelerating
changes in the third party airline flight training market, where
heavy investment commitments have recently been made by FSB, now
the market leader, and others. As a result, Quadrant Systems has
the opportunity to focus its activities on simulation equipment
and software services, where it now has a solid position in what
is expected to be a continuing growth market.
This reorganisation, together with investment in additional
premises and staff, led to an operating loss of #165,000 at
Quadrant Systems in the half year, before taking account of the
exceptional profit on sale of the simulators. Recent contract
wins should enable Quadrant Systems to produce an improved
operating result in the second half.
The second major factor affecting the half year related to new
government funding in the town centre CCTV security market, where
two of Quadrant's subsidiaries have leading positions: Quadrant
Video Systems in installation and maintenance of overall systems,
and Synectic Systems as a supplier of proprietary electronic
control equipment. In March 1999 the Home Office announced #170
million of funding over 3 years available to local government for
new or upgraded town centre CCTV systems, without matching
funding requirements. Whilst this is excellent news for the
industry, the announcement had the effect of delaying many
planned projects until they could be brought within the ambit of
the new funding. The first tranche of #35 million funding has
now been released against specific proposals, and projects are
underway.
The impact of this was that Quadrant's CCTV businesses in
aggregate recorded a sales decline of 16% against the same period
last year, and a shortfall of over #300,000 against budgeted
profits.
Based on current order books and bids in process, the second half
is expected to produce record results for these businesses.
Elsewhere, the Audio Visual Presentation and Sales business
completed its branch rationalisation programme and has begun to
achieve a positive contribution on a monthly basis, though not
yet consistently. More progress is still required.
Quick Imaging Centre, Quadrant's design and printing subsidiary,
produced another excellent result, with sales ahead 16%, net
margins up from 9% to 10%, and operating profit up 26%.
The Group balance sheet was materially strengthened by the FSB
transaction, leaving net borrowings at 30 November 1999 of
#374,000, down from #3.9 million at the previous year end.
The immediate outlook for Quadrant's main electronics systems
businesses is encouraging, for the reasons noted above. Overall,
Quadrant Group's financial position and prospects are stronger
than at any time in the recent past. A much more satisfactory
operating result is anticipated in the second half.
For further information
contact:
David Coghlan (Chief 01527 850080
Executive)
Nigel Poultney (Finance 01527 850080
Director)
Consolidated Profit and Loss Account
For the half year to 30
November 1999
Unaudited Unaudited Audited
Half year Half year Year
to to to
30 30 31 May
November November
1999 1998 1999
Notes #'000 #'000 #'000
Turnover - continuing 1 8,226 8,988 17,427
operations
Cost of sales 5,301 5,885 11,434
Gross profit 2,925 3,103 5,993
Net operating expenses 3,253 2,912 5,816
Operating profit/(loss) - (328) 191 177
continuing operations
Exceptional items - continuing 2 1,235 - 63
operations
Profit before interest 907 191 240
Net interest payable (114) (170) (300)
Profit/(loss) before taxation 793 21 (60)
Tax charge on ordinary - - -
activities
Profit/(loss) on ordinary 793 21 (60)
activities after taxation
Minority interests - - -
Profit/(loss) attributable to 793 21 (60)
shareholders
Dividends - - -
Profit/(loss) for the period 793 21 (60)
Basic earnings/(loss) per 3 12.6p 0.3p (1.0)p
ordinary share
Diluted earnings/(loss) per 3 12.6p 0.3p (1.0)p
ordinary share
Consolidated Balance Sheet
30 November 1999
Unaudited Unaudited Audited
30 November 30 November 31 May
1999 1998 1999
#'000 #'000 #'000
Fixed assets
Intangible assets 47 49 48
Tangible assets 2,176 4,820 5,209
2,223 4,869 5,257
Current assets
Stocks 1,182 1,077 981
Debtors 4,090 3,859 3,965
Cash at bank and in hand 7 5 10
5,279 4,941 4,956
Creditors: amounts falling due
within one year
(including convertible debt) 3,840 5,508 5,319
Net current assets/(liabilities) 1,439 (567) (363)
Total assets less current
liabilities 3,662 4,302 4,894
Creditors: amounts falling due
after more than one year
(including convertible debt) 65 1,314 2,036
Provisions for liabilities
and charges 148 251 202
Net assets 3,449 2,737 2,656
Capital and reserves
Called-up share capital 1,254 1,254 1,254
Share premium account 6,798 6,798 6,798
Other reserves 4,387 4,387 4,387
Profit and loss account (8,990) (9,702) (9,783)
Equity shareholders' funds 3,449 2,737 2,656
Consolidated Cash Flow Statement
For the half year to 30 November 1999
Restated
Unaudited Unaudited Audited
Half year to Half year to Year to
30 November 30 November 31 May
1999 1998 1998
Notes #'000 #'000 #'000
Net cash inflow/(outflow)
from operating activities (271) (76) 356
Returns on investments
and servicing of finance (150) (157) (283)
Net capital expenditure
and financial investment 3,869 (731) (1,430)
Acquisitions and disposals 4 - 509 509
Cash inflow/(outflow)
before financing 3,448 (455) (848)
Financing (2,250) (104) 229
Increase/(decrease) in cash 1,198 (559) (619)
Notes
1. Continuing operations comprise the businesses of Quadrant Systems, Quadrant
Video Systems, Synectic Systems and Quick Imaging Centre.
2. Exceptional items in the half year ended 30 November 1999 arose from the
disposal of Quadrant's three full flight simulators and certain other
assets in September 1999. Exceptional items in the year ended 31 May 1999
also arose from profits on disposal of fixed assets.
3. The calculation of basic earnings/loss per ordinary share is based on
profits of #793,000 (half year to November 1998: profits of #21,000; year
to May 1999: losses of #60,000) and on 6,269,956 shares (half year to
November 1998: 6,239,901; year to May 1999: 6,254,888), being the weighted
average number of shares in issue during the period.
There were no dilutive potential ordinary shares in the half year ended 30
November 1999 or in the year ended 31 May 1999.
4. Cash inflows from acquisitions and disposals in the year ended 31 May 1999
arose from the receipt of deferred consideration for Quadrant Precision
Manufacturing, Inc., which was sold in May 1998, and the cash consideration
paid by Quadrant Group to acquire the entire issued "A" Ordinary share
capital of Quadrant Video Systems plc. The presentation of the cash flows
for the half year ended 30 November 1998 has been amended so that these
items are treated on a basis which is consistent with that used for the
year ended 31 May 1999.
5. The half year figures have not been audited nor reviewed by the Group's
auditors and do not constitute statutory accounts. The comparative figures
for 31 May 1999 have been abridged from the statutory accounts for the year
ended 31 May 1999. The Auditors' opinion on these accounts was unqualified
and the statutory accounts have been filed with the Registrar of Companies.
6. Copies of this Interim Report will be distributed to all shareholders and
will also be available to members of the public at the Company's Registered
Office, North Court House, Morton Bagot, Studley, Warwickshire B80 7EL.
END
IR SFMFWFSSSEDE
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