New product launches boost Quadnetics interims
SECURITY group Quadnetics has announced increases in interim revenues and pre-tax profits, boosted by the launch of new products and ahead of expectations.
The Studley company, which supplies advanced video surveillance technology and security networks, saw revenue for the six months to May 31 increase by £1.1m to £34m compared with the same period last year. Pre-tax profit rose from £1.3m to £1.7m while basic earnings per share rose from 6.5p to 8p.
The company said its order book remained strong at £26.1m, although this was down on the £27.7m reported this time last year.
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.”
He said that in line with the group’s strategy of expanding its geographical reach in its chosen market niches, it had successfully concluded a deal to acquire a leading German competitor in the integrated transport and surveillance market, which will also give it the platform to expand its entire product 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,” added Mr Shepherd.
