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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 1474m QUADRANT GROUP PLC 4th February 1999 Quadrant Group plc Interim Report FOR THE HALF YEAR TO 30 NOVEMBER 1998 Chairman's Statement In this, my first statement to you, I want to reassure you that your company is run by talented and intelligent people. They are committed to rebuilding shareholder value from the remaining four businesses. I am convinced that each of those businesses is fundamentally sound and capable of producing attractive returns on capital employed. I know what I want to be able to report to you within the next 18 months and your Board has a strategy in place which I am determined will deliver the results you require. Quadrant Group produced a profit before tax for the half year of #21,000 (1997/8: loss before tax #323,000). The operating result from continuing operations recovered from a loss of #252,000 in the first half of last year to a profit of #191,000. Quadrant Video Systems more than doubled its operating profit compared with the corresponding period last year, benefiting particularly from strong profit growth in Closed Circuit Television security systems. The market for such systems in both town centre and commercial applications remains buoyant. Average margins improved significantly with an increasing proportion of business coming from service and maintenance contracts. In professional video, the focus was increased on higher margin systems and presentation services activities, but competition for profitable business is intense. Synectics' range of CCTV control products achieved continued external sales growth of well over 50% and made a positive contribution. The future of this business continues to look exciting. Quadrant Systems' results improved significantly compared to the first half of last year. Training loads remained good on the existing two flight simulators and much effort was directed to the extensive update of the Airbus A300B4 simulator purchased late last financial year. This simulator is expected to receive shortly its Certification from the UK Civil Aviation Authority under complex new European regulations, and should enter revenue service in the next few weeks. Projected demand for pilot training on this aircraft type remains strong. Sales under simulator equipment services contracts were below expectations in the first half, but the pipeline of bids maturing over the next 3-6 months has grown substantially. Quick Imaging Centre, although small, made a solid contribution in the half year. Turnover grew 15% and costs were tightly controlled. As a result, operating margins increased from 3% to 9%, well ahead of budget. Net borrowings at 30 November 1998 were #3.5 million, including #0.6 million of long term convertible debt. The second half is seasonally weaker for the Group as a whole, but will gain in part from the new flight simulator coming on line. Overall, Quadrant Group is starting to benefit from the major reorganisation of the past two years and we are confident that our chosen areas of activity within the electronics systems sector are capable of achieving good margins and growth. PM Rae Chairman 4 February 1999 For further information contact: David Coghlan (Chief Executive) 01527 850080 Nigel Poultney (Finance Director) 01527 850080 Consolidated Profit and Loss Account For the half year to 30 November 1998 Unaudited Unaudited Audited Half Half year Year year to to to 30 30 31 November November May 1998 1997 1998 Notes #'000 #'000 #'000 Turnover Continuing operations 1 8,988 10,035 18,431 Discontinued operations 1 - 5,192 8,591 8,988 15,227 27,022 Operating profit/(loss) Continuing operations 191 (252) (382) Discontinued operations - 207 288 191 (45) (94) Exceptional items - discontinued 2 - - (37) operations Profit/(loss) before interest 191 (45) (131) Net interest payable (170) (278) (517) Profit/(loss) before taxation 21 (323) (648) Tax charge on ordinary 3 - (47) (20) activities Profit/(loss) on ordinary 21 (370) (668) activities after taxation Minority interests - (15) (21) Profit/(loss) attributable to 21 (385) (689) shareholders Dividends - - - Retained profit/(loss) for the period - transferred to reserves 21 (385) (689) Profit/(loss) per ordinary share 4 0.3p (6.2)p (11.1)p Consolidated Balance Sheet 30 November 1998 Restated Restated Unaudited Unaudited Audit 30 30 31 November November May 1998 1997 1998 Notes #'000 #'000 #'000 Fixed assets Intangible assets 5 49 - - Tangible assets 4,820 6,520 4,465 4,869 6,520 4,465 Current assets Stocks 1,077 1,818 995 Debtors 3,859 5,007 4,133 Cash at bank and in hand 5 83 308 4,941 6,908 5,436 Creditors: amounts falling due within one year (including 5,508 8,229 5,519 convertible debt) Net current liabilities (567) (1,321) (83) Total assets less current 4,302 5,199 4,382 liabilities Creditors: amounts falling due 1,314 1,695 1,260 after more than one year (including convertible debt) Provisions for liabilities and 251 597 424 charges Net assets 2,737 2,907 2,698 Capital and reserves Called-up share capital 1,254 4,613 1,243 Share premium account 6,798 6,789 6,791 Other reserves 4,387 1,005 4,387 Profit and loss account 5 (9,702) (9,607) (9,723) Equity shareholders' funds 2,737 2,800 2,698 Equity minority interests - 107 - 2,737 2,907 2,698 Consolidated Cash Flow Statement For the half year to 30 November 1998 Unaudited Unaudited Audited Half Half year Year year to to to 30 30 31 November November May 1998 1997 1998 Notes #'000 #'000 #'000 Net cash inflow/(outflow) from operating activities (136) (94) 1,049 Returns on investments and (157) (297) (538) servicing of finance Taxation - tax received 3 - 38 18 Net capital expenditure and (781) 526 (670) financial investment Acquisitions and disposals 6 601 203 1,575 Cash inflow/(outflow) before (473) 376 1,434 financing Financing (86) (711) (131) Increase/(decrease) in cash (559) (335) 1,303 Notes 1. Continuing operations comprise the businesses of Quadrant Systems, Quadrant Video Systems, Synectic Systems and Quick Imaging Centre. Discontinued operations comprise Yewlands Engineering Co. which was sold on 6 August 1997 and Quadrant Precision Manufacturing which was sold on 29 May 1998. 2. Exceptional items in the year ended 31 May 1998 arose in respect of losses on disposal of subsidiaries (including related goodwill) less provisions utilised. 3. Tax charges and receipts arose in respect of United States' subsidiaries only. 4. The calculation of earnings per share is based on profits of #21,000 (half year to November 1997: losses of #385,000; year to May 1998: losses of #689,000) and on 6,269,956 shares (half year to November 1997: 6,202,455; year to May 1998: 6,202,558), being the average weighted number of shares in issue during the period. 5. In accordance with FRS10 goodwill arising on consolidation in the half year to 30 November 1998 has been capitalised and amortised over its useful economic life. All goodwill previously charged to the Goodwill write-off account has now been eliminated against profit and loss reserves. The comparative figures for profit and loss reserves at 31 May 1998 and 30 November 1997 have been restated accordingly. 6. Cash inflows from acquisitions and disposals in the half year ended 30 November 1998 arise from the receipt of deferred consideration for Quadrant Precision Manufacturing, Inc. in September 1998. 7. The half year figures have not been audited nor reviewed by the Group's auditors and do not constitute statutory accounts. 8. The comparative figures for 31 May 1998 have been abridged from the statutory accounts for the year ended 31 May 1998. The Auditor's opinion on these accounts was unqualified and the statutory accounts have been filed with the Registrar of Companies. 9. 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 SSMFFLUUUFEE
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