Quadnetics sees profits hit by crunch

CCTV company Quadnetics reported a dip in profits as its customers delay replacing surveillance systems as a result of the credit crunch.

Quadnetics is based in Nottingham, where its Quadrant security services business is housed, while its hi-tech Synectics surveillance security technology business is based in Sheffield.

For the year ended May 31, pre-tax profits stood flat at £4.4m as turnover rose to £79.2m from £66.1m.

The figures were largely driven by 27% sales growth in North America.

The Sheffield business saw turnover rise 11% to 23.1m.

The group supplies CCTV systems to around 800 building societies across the UK.

It said as a result of the turbulent markets building society customers were delaying replacing systems in a bid to cut costs.

However going forward the group said its order book stood at £31.1m compared to £26.7m last year.

The company, which said it is confident in its growth potential, proposed raising its final dividend to 4.5p per share from 4.0p.