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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 |
RNS No 3227x QUADRANT GROUP PLC 31st March 1998 Quadrant Group plc ("Quadrant") (The Precision Engineering and Electronic Systems Group) Interim Results for the half year to 30 November 1997 The overall result for the period was a loss before tax of #323,000, which is obviously still unsatisfactory, but a substantial improvement at all levels on the major losses incurred last year. Turnover within continuing operations grew by 52% compared with the first half of the previous year, virtually all organic growth. Results improved in every area, although the levels of growth and change (in what are essentially young businesses) have been such that net margins are still well short of potential. Quadrant Precision Manufacturing ("QPM") in the United States has continued to strengthen its position as a major supplier of aircraft components, with like-for-like turnover in the half year up 59%. More significantly, a large portion of future work has been secured on long term contracts for which QPM is the sole supplier. Such contracts in the current order book have an estimated value of over $14 million per year over the next five years. Operating margins at QPM improved overall to above 5%, despite losses incurred at the Portland commercial sheet metal plant which was closed in January this year. During the second half, QPM will complete its major capital investment programme with the consolidation of four sites into two, one of which is a new larger factory in Portland. Quadrant Video Systems ("QVS") also achieved revenue growth exceeding 50%, mainly from its CCTV activities where QVS has maintained its leading position in large town centre installations. Results improved, but were still held back by insufficient returns on its branch based professional video business. Action is being taken to improve QVS' overall margins through rationalisation of the branch network and other cost reductions which will be completed in the second half. Quadrant Systems ("QSL") maintained good utilisation of its existing two flight simulators and successfully completed a major simulator update for an airline customer. As previously reported, QSL has been searching for appropriate simulators to add to its training centre in the two bays available. We are pleased to report that we have purchased an Airbus A300B4 simulator which will be unique in the UK and for which commitments have already been received from customers. Quick Imaging Centre earned a small profit during the period. Overall, difficult issues remain but these are being addressed with energy and commitment. Lord Rees Chairman For further information contact: Nigel Poultney (Finance Director) 01527 850080 Brian Coleman-Smith (Binns & Co Public Relations) 0171 786 9600 Quadrant Group plc Consolidated Profit and Loss Account for the half year to 30 November 1997 Unaudited Unaudited Half year Half 15 to year to months 30 31 to Notes November August 31 May 1997 1996 1997 #'000 #'000 #'000 Turnover Continuing operations 1 14,142 9,309 26,807 Discontinued operations 1 1,085 16,606 20,873 ------- ------- ------- 15,227 25,915 47,680 ------- ------- ------- Operating profit/(loss) Continuing operations 217 (54) (388) Central costs - continuing operations (262) (349) (347) ------ ------- ------ (45) (403) (735) Discontinued operations (260) 108 (2,219) Provisions for loss on disposal of subsidiary utilised 260 0 0 -------- ------- ------- (45) (295) (2,954) Exceptional items 0 0 (5,997) -------- ------- ------- Loss before interest (45) (295) (8,951) Net interest payable (278) (362) (842) -------- ------- ------- Loss before taxation (323) (657) (9,793) Tax charge 2 (47) (49) (26) -------- ------- ------- Loss on ordinary (370) (706) (9,819) activities after taxation Minority interests (15) (17) (13) ------- ------- ------- Loss attributable to shareholders (385) (723) (9,832) Dividends 0 0 0 ------- ------- ------- Retained loss (385) (723) (9,832) ====== ====== ====== Loss per ordinary share 3 (6.2)p (38.6)p (470.1)p ====== ====== ====== IIMR loss per ordinary 3 (10.4)p (38.6)p (197.7)p share ====== ====== ====== Quadrant Group plc Consolidated Balance Sheet 30 November 1997 Unaudited 30 31 May November 1997 1997 #'000 #'000 Fixed assets Intangible assets 0 136 Tangible assets 6,520 8,166 ------ ------ 6,520 8,302 ------ ------ Current assets Stocks 1,818 3,515 Debtors 5,007 5,127 Freehold property held for 0 1,200 resale Cash at bank and in hand 83 176 ------- ------- 6,908 10,018 Creditors: amounts falling due within one year (including convertible 8,229 9,411 debt) ------- ------- Net current assets/(liabilities) (1,321) 607 ------- ------- Total assets less current 5,199 8,909 liabilities Creditors: amounts falling due after more than one year (including 1,695 2,056 convertible debt) Provision for liabilities and 597 3,543 charges ------ ------ Net assets 2,907 3,310 ====== ====== Capital and reserves Called-up share capital 4,613 4,613 Share premium account 6,789 6,789 Other reserves 1,005 1,038 Goodwill write-off account (1,030) (1,030) Profit and loss account (8,577) (8,192) ------- ------- Equity shareholders' funds 2,800 3,218 Equity minority interests 107 92 ------ ------ 2,907 3,310 ====== ====== Notes 1)Continuing operations comprise the businesses of Quadrant Systems, Quadrant Video Systems, Quadrant Precision Manufacturing, Inc. and Quick Imaging Centre. Discontinued operations comprise Yewlands Engineering Co. which was sold on 6 August 1997 and the photographics businesses of Sangers, Leeds Photovisual, Premier Distribution and Prisma (Europe) which were sold on 28 August 1996. 2)Tax charges arise in respect of the United States subsidiary only. 3)The calculation of loss per share is based on losses of #385,000 (half year to August 1996: #723,000; 15 months to May 1997: #9,832,000) and on 6,202,455 shares (half year to August 1996: 1,873,783; 15 months to May 1997: 2,091,638), being the weighted average number of shares in issue during the period. The average number of shares in issue prior to 7 May 1997, when the ordinary shares of 10p each were split and consolidated into ordinary shares of 20p each, has been calculated as though an equivalent number of ordinary shares of 20p each had been in issue throughout the period. The earnings per share measure recommended by the Institute of Investment Management and Research (the "IIMR earning per share") has been calculated on the loss attributable to shareholders excluding exceptional capital costs. 4)The half year figures are unaudited and do not constitute statutory accounts. 5)The figures for 31 May 1997 have been abridged from the statutory accounts for the 15 month period ended 31 May 1997. The Auditors' opinion on these accounts was unqualified and the statutory accounts have been filed with the Registrar of Companies. END IR SDWFSFUAUFID
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