Quadnetics Group plc, a leader in advanced video surveillance technology and security networks, reports its unaudited interim results for the six months ended 31 May 2011.
- Revenue £34.0 million (2010: £32.9 million)
- Underlying profit* £1.8 million (2010: £2.2 million)
- Profit before tax £1.7 million (2010: £1.3 million)
- Diluted underlying EPS 8.4p (2010: 10.7p)
- Basic EPS 8.0p (2010: 6.5p)
- Strong cash generation: net cash at 31 May £6.0 million (30 November 2010: £3.3 million; 31 May 2010: £4.8 million)
- Interim dividend maintained at 2.5p per share
- Healthy order book of £26.1 million (2010 : £27.7 million)
- Significant contract wins in banking, prisons, critical national infrastructure and oil & gas
- New product launches secured significant first orders for VeeCam, COEX3000 camera and T800 mobile recorder
- Acquisition of German leader in transport surveillance market post period end
Commenting on the results, John Shepherd, Chief Executive, said:
"It is pleasing that our results are ahead of the Board's expectations, which puts us in a good position to meet our targets for the full year."
"We have maintained the promised increased pace of innovation and, as a result, three new products: the VeeCam™ ultra-rugged personal digital video recorder for police and armed forces; the COEX3000 explosion-rated camera family for oil and gas applications and the T800 8-channel rugged mobile video recorder for transport operators have all secured important contract wins. It is also good to report that an increasing proportion of our revenue is being generated by our award-winning Synergy™ command and control software."
"In line with our stated strategy of expanding our geographical reach in our chosen market niches, we have successfully concluded a deal to acquire a leading German competitor in the integrated transport and surveillance market, which will also give us the platform to expand our entire system solution portfolio into the European market."
"We have been able to maintain our order book at a high level due to the specialist nature of our end markets and the technical superiority of our systems-led integrated product offering, which underpins our continuing confidence for the rest of 2011 and beyond."
*that is profit before tax, exceptional reorganisation costs and share-based payments charge.