Quadnetics gets boost from surveillance systems sales
SECURITY group Quadnetics has seen a 15% revenue hike in the four months to the end of March, boosted by its Yorkshire operation.
The Warwickshire-headquartered firm said its main sources of growth had come from its Synectics Network Systems business in Sheffield and its Synectics Industrial Systems operation in Briggy, North Lincolnshire.
The firm holds its annual general meeting today and chairman David Coghlan says the firm is trading strongly after solid performance last year.
“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,” he said.
“Sales of surveillance systems for the US gaming industry and for major oil and gas developments in Australia, the Middle East and Far East have shown particular strength.”
Mr Coghlan said that despite on-going 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,” he said.
“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.”
