AGM Statement (5341C)
02 May 2012 - 4:00PM
UK Regulatory
TIDMQDG
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: +44 (0) 15 2785 0080
John Shepherd, Chief Executive
Email: john.shepherd@quadnetics.com
Westhouse Securities Limited Tel: +44 (0) 20 7601 6100
Tom Griffiths
Buchanan Communications Limited Tel: +44 (0) 20 7466 5000
Tim Anderson /Sophie Cowles
This information is provided by RNS
The company news service from the London Stock Exchange
END
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