Interim Results
Quadnetics Group PLC
06 February 2008
For Immediate Release 6 February 2008
Quadnetics Group plc
Interim results for the six months ended 30 November 2007
Quadnetics Group plc, a leader in the development, design, integration and
control of advanced CCTV and networked video systems, is pleased to report
interim results for the six months ended 30 November 2007.
Financial Highlights
• Turnover £35.9m (2006: £30.9m)
• Underlying turnover up 7%
• Profit before tax £2.0m (2006: £1.4m)
• Underlying profit* before tax £1.3m (2006/7: £1.8m)
• Basic EPS 8.8p (2006: 6.6p)
• Underlying* EPS 6.0p (2006/7: 8.7p)
• Proposed interim dividend 2.5p (2006: 2.0p)
• Net Cash as at 30 November 2007 £7.8m (2006: £6.3m)
Quadrant Security Highlights
• Turnover £26.0m (2006: £22.9m)
• Timing issues with orders and delivery schedules have subsided
• Order book up 50% on corresponding period last year
Synectics Highlights
• Turnover £10.6m (2006: £8.7m)
• Strong sales to gaming industry in North America
• Initial orders for new digital product range have exceeded expectations
*Underlying profit represents profit before tax, goodwill reduction in respect
of tax losses, and share-based payments charges
Commenting on the results, Russ Singleton, Chief Executive, said:
'We are pleased with the progress that Quadnetics has made in the first half of
the financial year. These results are in line with our expectations and we hope
to continue our momentum into the second half of the year. The demand for our
Synectics' new products is positive and our bid pipelines and order books are
healthy and so we expect continued progress in what is an attractive and
exciting marketplace for electronic security systems.'
For further information, please contact:
Quadnetics Group plc Tel: +44 (0) 1527 850080
Russ Singleton, Chief Executive
Email: russ.singleton@quadnetics.com www.quadnetics.com
Brewin Dolphin Securities Tel: +44 (0) 113 241 0130
Neil Baldwin
Media enquiries:
Buchanan Communications Limited Tel: +44 (0) 20 7466 5000
Isabel Podda
Email: isabelp@buchanan.uk.com
Chairman's Statement
Introduction
The first half of the current financial year was a period of continued good
progress in some areas and weaker performance in others. On the positive side,
Synectics' sales to the North American gaming security sector enjoyed further
strong growth compared to the same period last year. As previously reported,
though, progress within our UK systems integration activities was slower than
anticipated. Actions were taken quickly to protect margins by reducing the cost
base in that area, although the impact of one-time charges means that the
benefit of these reduced costs will not show through until the second half.
Financial Results
Quadnetics' results for the first half were in line with the expectations set
out in our trading statement on 28 November 2007.
This is the Company's first set of results reported under IFRS accounting
conventions, although the net impact of changes compared with the previously
applied UK GAAP has not had a material effect on underlying profits.
Consolidated turnover for the half year was £35.9 million (2006/7: £30.9
million). This increase of just over 16% was flattered by approximately £3
million of additional turnover from low margin capital works performed by
sub-contractors in accordance with agreements with our retail managed services
clients. Excluding this effect, like-for-like turnover increased by 7.3%.
Underlying profits (that is, profits before tax, goodwill reduction in respect
of tax losses and share-based payment charges) were £1.3 million (2006/7: £1.8
million). Profit Before Tax was £2.0 million (2006/7: £1.4 million) after
benefiting from a credit of £0.8 million in respect of share-based payment
charges that the Board believes should be reported separately to avoid obscuring
the true operating performance. Underlying earnings per share (after tax) were
6.0 pence (2006/7: 8.7 pence), and basic earnings per share 8.8 pence (2006/7:
6.6 pence).
These results also reflect the significant decline in the US dollar exchange
rate, with an impact across the Group estimated to be around £0.2 million for
the half year. Subsequent to 30 November, part of the dollar decline has been
reversed and, if this position is maintained until our year end, we would expect
an exchange gain in the second half.
Cash Position
Net cash as at 30 November improved to £7.8 million (30 November 2006: £6.3
million; 31 May 2007: £5.6 million), aided by proceeds of £2.1 million from the
sale and leaseback of Synectics' headquarters building in Sheffield purchased in
March 2007.
Dividend
An interim dividend of 2.5 pence per share (2006/7: 2.0 pence) will be paid on
14 March to shareholders on the register at 15 February 2008.
Operating Review
Quadrant Security
The Group's security services division, providing integrated security systems,
mobile surveillance and security management support services.
Turnover £26m
Operating Profit £1.3m
Quadrant reported turnover increased to £26.0 million for the period (2006/7:
£22.9 million) although, as noted above, almost all of this increase derived
from additional capital works for retail managed service clients. Gross profits
for the division were essentially flat compared with the first half last year.
Underlying operating profits were £1.3 million (2006/7: £1.7 million), including
the redundancy costs already mentioned.
The major operating factor contributing to this first half financial performance
was the previously reported slowdown in finalisation of orders and delivery
schedules from central government customers in the UK and Middle East. It is
encouraging to note that such timing issues have now noticeably abated, with
important new orders received in both these areas. In total, the division's firm
order book at 30 November was approximately 50% higher than at the corresponding
point last year, underpinning expectations for the remainder of the year.
Synectics
The Group's security technology division, providing security network products
and software, hazardous area systems and high security surveillance technology.
Turnover £10.6m
Operating Profit £0.7m
Synectics grew turnover by 22% to £10.6 million (2006/7: £8.7 million), on which
it made an underlying operating profit of £734,000 (2006/7: £649,000).
Performance was to a certain extent held back by delays in the launch of
Synectics' new digital product range, due primarily to component supply issues
that have now been satisfactorily resolved. Initial orders for the first product
in the range have exceeded expectations, and customer trials of Synectics'
important new mobile surveillance products are now well on track.
Progress in sales to the gaming industry in North America continued to be
strong, and the pipeline of orders anticipated in the second half is robust. We
invested further to support our strategy of increased proprietary software
content in Synectics' sales, and our flagship Synergy system management and
control software continues to gain recognition as the premier product available
in this growing area.
Outlook
Quadnetics enjoys the benefit of an attractive and dynamic underlying
marketplace for electronic security systems, despite occasional volatility from
the timing of major projects. We are confident that our strategy of focusing on
specialised, highly demanding applications within the overall market will
continue to deliver long term growth and value to shareholders. Overall order
books, bid pipelines and the initial market response to Synectics' new products
together support an unchanged positive outlook for the second half of this year
and beyond.
Nevertheless, the Group's expected results this financial year are weighted even
more than usual towards the year end. In light of the inevitable risk this
implies, and against an increasingly uncertain worldwide economic background, a
note of caution is in order. Quadnetics is profitable, with a strong, ungeared
balance sheet and a well-diversified, primarily blue-chip, customer base skewed
to sectors of the economy (government high security, gaming, oil and gas,
transport, food retailing) that have historically been less exposed to any
general downturn. The Board will continue to ensure that the Company's approach
gives weight to these strengths, as well as to the exciting opportunities we see
to build on the market and technology positions Quadnetics has successfully
established over the past few years.
David Coghlan
6 February 2008
Consolidated Income Statement
For the half year ended 30 November 2007
Unaudited Unaudited Unaudited
Half year Half year Year to
to to 31 May
30 Nov 30 Nov
Notes 2007 2006 2007
£'000 £'000 £'000
Continuing operations
Revenue 2 35,939 30,935 66,065
Cost of sales (26,175) (21,064) (44,234)
Gross profit 9,764 9,871 21,831
Net operating expenses (7,865) (8,620) (17,651)
Profit from operations
Excluding goodwill reduction and 2 1,235 1,648 5,084
share-based payments
Goodwill reduction in respect of tax 7 (141) (153) (309)
losses
Share-based payments credit/(charge) 3 805 (244) (595)
Total profit from operations 1,899 1,251 4,180
Investment income 76 153 233
Finance costs (5) (12) (3)
Profit before tax
Excluding goodwill reduction and 1,306 1,789 5,314
share-based payments
Goodwill reduction in respect of tax 7 (141) (153) (309)
losses
Share-based payments credit/(charge) 3 805 (244) (595)
Total profit before tax 1,970 1,392 4,410
Income tax expense 4 (610) (368) (1,137)
Profit for the period 1,360 1,024 3,273
Basic and diluted earnings per Ordinary 6 8.8p 6.6p 21.1p
share
Underlying basic and diluted earnings 6 6.0p 8.7p 25.9p
per Ordinary share
Consolidated Statement of Recognised Income and Expense
For the half year ended 30 November 2007
Unaudited Unaudited Unaudited
Half year Half year Year to
to to 31 May
30 Nov 30 Nov 2007
2007 2006
£'000 £'000 £'000
Profit for the period 1,360 1,024 3,273
Exchange differences on translation of (14) 18 (4)
foreign operations
Total recognised income and expense for the 1,346 1,042 3,269
period
Consolidated Balance Sheet
30 November 2007
Unaudited Unaudited Unaudited
30 Nov 30 Nov 31 May
2007 2006 2007
£'000 £'000 £'000
Non-current assets
Property, plant and equipment 2,002 1,799 1,570
Intangible assets 17,246 16,817 16,874
Deferred tax asset 641 813 869
19,889 19,429 19,313
Current assets
Property held for resale - - 2,056
Inventories 4,718 5,442 5,074
Trade and other receivables 22,765 19,083 20,479
Cash and cash equivalents 7,863 6,309 5,596
35,346 30,834 33,205
Total assets 55,235 50,263 52,518
Current liabilities
Trade and other payables (21,368) (19,393) (19,646)
Tax liabilities (968) (784) (1,071)
Current provisions (329) (565) (216)
(22,665) (20,742) (20,933)
Non-current liabilities
Non-current provisions (709) (1,102) (1,096)
(709) (1,102) (1,096)
Total liabilities (23,374) (21,844) (22,029)
Net assets 31,861 28,419 30,489
Equity attributable to equity holders of
parent company
Called up share capital 3,382 3,366 3,382
Share premium account 14,851 14,621 14,851
Merger reserve 9,565 9,565 9,565
Other reserves (2,486) (2,391) (2,486)
Currency translation reserve (27) 9 (13)
Retained earnings 6,576 3,249 5,190
Total equity 31,861 28,419 30,489
Consolidated Cash Flow Statement
For the half year ended 30 November 2007
Unaudited Unaudited Unaudited
Half year Half year Year to
to to
30 Nov 30 Nov 31 May
2007
2007 2006
£'000 £'000 £'000
Cash flows from operating activities
Profit from operations 1,899 1,251 4,180
Depreciation and amortisation charge 391 302 571
Goodwill reduction in respect of tax losses 141 153 309
Loss/(profit) on disposal of non-current 10 (1) 20
assets
Share-based payments (credit)/charge (805) 244 595
Operating cash flows before movement in 1,636 1,949 5,675
working capital
Decrease/(increase) in stocks 356 (1,161) (793)
(Increase)/decrease in debtors (2,243) 161 (1,357)
Increase/(decrease) in creditors and 2,278 (3,024) (2,913)
provisions
Cash generated from operations 2,027 (2,075) 612
Interest received 76 106 236
Tax paid (481) (175) (712)
Net cash from/(used in) operating activities 1,622 (2,144) 136
Cash flows from investing activities
Purchase of property, plant and equipment (763) (332) (628)
Sale of property, plant and equipment - 35 472
Capitalised development costs (484) (110) (420)
Purchased software (163) (54) (157)
Sale/(purchase) of property held for resale 2,060 - (2,056)
Net cash from/(used in) investing activities 650 (461) (2,789)
Cash flows from financing activities
Issue of shares - 6 157
Payment of finance lease liabilities - (20) (20)
Interest paid (5) (12) (3)
Dividends paid - - (825)
Net cash used in financing activities (5) (26) (691)
Net increase/(decrease) in cash and cash 2,267 (2,631) (3,344)
equivalents
Cash and cash equivalents at the beginning of 5,596 8,940 8,940
the period
Cash and cash equivalents at the end of the 7,863 6,309 5,596
period
Notes
1. Basis of preparation
The AIM Rules require that the next annual consolidated financial statements,
for the year ending 31 May 2008, be prepared in accordance with International
Financial Reporting Standards (IFRSs) as adopted by the EU ('adopted IFRSs').
AIM-listed companies are not required to comply with IAS 34 'Interim Financial
Reporting' and accordingly the Company has taken advantage of this exemption.
This interim financial information has been prepared on the basis of the
recognition and measurement requirements of adopted IFRSs as at 30 November 2007
that are effective (or available for early adoption) at 31 May 2008, the Group's
first annual reporting date at which it is required to use adopted IFRSs. Based
on these adopted IFRSs, the directors have applied the accounting policies, as
set out below, which they expect to apply when the first annual IFRS financial
statements are prepared for the year ending 31 May 2008.
However, the adopted IFRSs that will be effective (or available for early
adoption) in the annual financial statements for the year ending 31 May 2008 are
still subject to change and to additional interpretations and therefore cannot
be determined with certainty. Accordingly, the accounting policies for that
annual period will be determined finally only when the annual financial
statements are prepared for the year ending 31 May 2008.
The comparative figures for the financial year ended 31 May 2007 are not taken
from the Group's statutory accounts for that financial year. However, the 'UK
GAAP as previously reported' figures for that year included in the
'Reconciliations from UK GAAP to IFRS'
(Note 7) have been extracted from those accounts, which were prepared under UK
Generally Accepted Accounting Principles, have been reported on by the Group's
auditors and delivered to the Registrar of Companies. The report of the auditors
was unqualified, did not include a reference to any matters to which the
auditors drew attention by way of emphasis without qualifying their report and
did not contain statements under section 237 (2) or (3) of the Companies Act
1985.
These consolidated interim financial statements were approved by the Board of
Directors on 6 February 2008.
The accounting policies applied by the Group resulting from changes for IFRS are
set out below. In all other respects, they are the same as those applied by the
Group in its consolidated financial statements as at and for the year ended 31
May 2007.
Goodwill
Goodwill arises on the acquisitions of subsidiaries, associates and joint
ventures. As part of its transition to IFRS, the Group elected not to restate
those business combinations that occurred prior to 1 June 2006. In respect of
these acquisitions, goodwill represents the amount recognised under the Group's
previous accounting framework (UK GAAP). For acquisitions on or after 1 June
2006, goodwill represents the excess of the cost of the acquisition over the
Group's interest in the net fair value of the identifiable assets, liabilities
and contingent liabilities of the acquiree. When the excess is negative, it is
recognised immediately in profit or loss.
Goodwill is measured at cost less accumulated impairment losses. The carrying
amounts are reviewed at each reporting date to determine whether there is any
indication of impairment. Where there is, the recoverable amount is estimated
and an impairment loss is recognised if the carrying amount exceeds its
recoverable amount.
Employee benefits
As a result of specific guidance contained in IAS 19 'Employee Benefits', the
Group recognises an accrual for untaken holiday pay at the balance sheet date.
Deferred taxation
Deferred tax is recognised on all taxable temporary differences. Temporary
differences are differences between the tax base of an asset or liability and
its carrying amount in the balance sheet.
2. Segmental analysis
Turnover and underlying operating profit (operating profit before goodwill
reduction and share-based payments credit or charge) derives from the Group's
two business segments as follows:
Unaudited Unaudited Unaudited
Half year Half year Year to
to to 31 May
30 Nov 30 Nov
2007 2006 2007
£'000 £'000 £'000
Turnover
Services 26,016 22,946 46,579
Products and software 10,601 8,687 20,765
Intra-group sales (678) (698) (1,279)
35,939 30,935 66,065
Underlying profit
Services 1,328 1,682 4,200
Products and software 734 649 2,456
Central costs (827) (683) (1,572)
1,235 1,648 5,084
3. Share-based payments
The Group issues equity-settled share-based payments and cash-settled
share-based payments to certain employees in the form of share options under the
Group's share option schemes, and awards under the Quadnetics Group Employee
Share Scheme respectively.
Based on the Company's share price as at 30 November 2007, the liability in
respect of share-based payments has fallen by £805,000 and accordingly this
amount has been credited to the income statement.
4. Tax charge
The tax charge for the period is based on the estimated rate of corporation tax
that is likely to be effective for the full year to 31 May 2008.
5. Dividends
An interim dividend of 2.5p per share (2006/07: 2.0p), totalling approximately
£388,000 (2006/07: £300,000) will be paid on 14 March 2008 to shareholders on
the register as at 15 February 2008.
6. Earnings per share
Earnings per Ordinary share are as follows:
UnauditedHalf UnauditedHalf Unaudited UnauditedHalf UnauditedHalf Unaudited
year to year to Year to year to year to Year to
30 Nov 30 Nov 31 May 30 Nov 30 Nov 31 May
2007 2006 2007 2007 2006 2007
£'000 £'000 £'000 p p p
Basic earnings 1,360 1,024 3,273 8.8 6.6 21.1
Goodwill 141 153 309 0.9 1.0 2.0
reduction
Share based (805) 244 595 (5.2) 1.6 3.8
payments
(credit)/charge
Impact of
share-based
payments 242 (73) (165) 1.5 (0.5) (1.0)
(credit)/charge
on tax charge
for the period
Underlying 938 1,348 4,012 6.0 8.7 25.9
earnings
Basic earnings 1,360 1,024 3,273 8.8 6.6 21.1
- diluted
Underlying 938 1,348 4,012 6.0 8.7 25.9
earnings -
diluted
'000 '000 '000
Weighted average number of ordinary shares - basic 15,530 15,479 15,495
calculation
Dilutive potential ordinary shares arising from share 13 6 9
options
Weighted average number of ordinary shares - diluted 15,543 15,485 15,504
calculation
7. Reconciliations from UK GAAP to IFRS
Restated income statement Measurement
and
For the six months ended UK GAAP as recognition Restated
previously adjustments in
30 November 2006 reported Presentation accordance
adjustments with IFRS
£'000 £'000 £'000 £'000
Continuing operations
Revenue 30,935 - - 30,935
Cost of sales (21,064) - - (21,064)
Gross profit 9,871 - - 9,871
Net operating expenses (8,949) - 329 (8,620)
Profit from operations
Excluding goodwill
amortisation, goodwill
reduction and share-based 1,622 - 26 (7) 1,648
payments
Goodwill amortisation (456) - 456 (8) -
Goodwill reduction in - - (153) (9) (153)
respect of tax losses
Share-based payments (244) - - (244)
charge
Total profit from 922 - 329 1,251
operations
Investment income 141 12 (1) - 153
Finance costs - (12) (1) - (12)
Profit before tax
Excluding goodwill
amortisation, goodwill
reduction and share-based 1,763 - 26 (7) 1,789
payments
Goodwill amortisation (456) - 456 (8) -
Goodwill reduction in - - (153) (9) (153)
respect of tax losses
Share-based payments (244) - - (244)
charge
Total profit before tax 1,063 - 329 1,392
Income tax expense (350) - (18) (10) (368)
Profit for the period 713 - 311 1,024
IFRS transition adjustments
Presentation adjustments
(1) separate disclosure of interest payable on the face of the income
statement
(2) reclassification of purchased software as an intangible asset
(3) reclassification of deferred tax asset as a Non-current asset
(4) separate disclosure of tax liabilities on the face of the balance sheet
(5) split of provisions into Current and Non-current liabilities
(6) reclassification of currency translation adjustment to a separate
reserve
Measurement and recognition adjustments
(7) accrual for untaken holiday pay
(8) removal of UK GAAP goodwill amortisation
(9) goodwill reduction in respect of tax losses acquired as part of a
business combination that were not initially recognised.
(10) deferred tax on holiday pay accrual, on the reversal of the amortisation
of goodwill arising on a trade and asset purchase and on the depreciation of
short leasehold improvements acquired as part of a business combination.
The cash flow statement has been re-presented to conform with IFRS presentation
requirements. There has been no impact on cash and the Group continues to
reconcile to the same cash and cash equivalents balance.
Restated income statement Measurement
and
For the year ended 31 May UK GAAP as recognition Restated
2007 previously adjustments in
reported Presentation accordance
adjustments with IFRS
£'000 £'000 £'000 £'000
Continuing operations
Revenue 66,065 - - 66,065
Cost of sales (44,234) - - (44,234)
Gross profit 21,831 - - 21,831
Net operating expenses (18,242) - 591 (17,651)
Profit from operations
Excluding goodwill
amortisation, goodwill
reduction and share-based 5,095 - (11) (7) 5,084
payments
Goodwill amortisation (911) - 911 (8) -
Goodwill reduction in - - (309) (9) (309)
respect of tax losses
Share-based payments (595) - - (595)
charge
Total profit from 3,589 - 591 4,180
operations
Investment income 230 3 (1) - 233
Finance costs - (3) (1) - (3)
Profit before tax
Excluding goodwill
amortisation, goodwill
reduction and share-based 5,325 - (11) (7) 5,314
payments
Goodwill amortisation (911) - 911 (8) -
Goodwill reduction in - - (309) (9) (309)
respect of tax losses
Share-based payments (595) - - (595)
charge
Total profit before tax 3,819 - 591 4,410
Income tax expense (1,117) - (20) (10) (1,137)
Profit for the period 2,702 - 571 3,273
Restated balance sheet Measurement
and
At the date of transition UK GAAP as recognition Restated
previously adjustments in
(being 1 June 2006) reported Presentation accordance
adjustments with IFRS
£'000 £'000 £'000
Non-current assets
Property, plant and 2,049 (295) (2) - 1,754
equipment
Intangible assets 16,925 295 (2) (282) (9) 16,938
Deferred tax asset - 901 (3) (140) (10) 761
18,974 901 (422) 19,453
Current assets
Property held for resale - - - -
Inventories 4,281 - - 4,281
Trade and other 19,990 (901) (3) - 19,089
receivables
Cash and cash equivalents 8,940 - - 8,940
33,211 (901) - 32,310
Total assets 52,185 - (422) 51,763
Current liabilities
Trade and other payables (22,046) 536 (4) (119) (7) (21,629)
Tax liabilities - (536) (4) - (536)
Current provisions - (509) (5) - (509)
(22,046) (509) (119) (22,674)
Non-current liabilities
Non-current provisions (1,763) 509 (5) - (1,254)
(1,763) 509 - (1,254)
Total liabilities (23,809) - (119) (23,928)
Net assets 28,376 - (541) 27,835
Equity attributable to
equity holders of parent
company
Called up share capital 3,263 - - 3,263
Share premium account 13,634 - - 13,634
Merger reserve 9,565 - - 9,565
Other reserves (1,307) - - (1,307)
Currency translation - (9) (6) - (9)
reserve
Retained earnings 3,221 9 (6) (541) 2,689
Total equity 28,376 - (541) 27,835
Restated balance sheet Measurement
and
At 30 November 2006 UK GAAP as recognition Restated
previously adjustments in
reported Presentation accordance
adjustments with IFRS
£'000 £'000 £'000
Non-current assets
Property, plant and 2,098 (299) (2) - 1,799
equipment
Intangible assets 16,497 299 (2) 21 (8), 16,817
(9)
Deferred tax asset - 971 (3) (158) (10) 813
18,595 971 (137) 19,429
Current assets
Property held for resale - - - -
Inventories 5,442 - - 5,442
Trade and other 20,054 (971) (3) - 19,083
receivables
Cash and cash equivalents 6,309 - - 6,309
31,805 (971) - 30,834
Total assets 50,400 - (137) 50,263
Current liabilities
Trade and other payables (20,084) 784 (4) (93) (7) (19,393)
Tax liabilities - (784) (4) - (784)
Current provisions - (468) (5) - (468)
(20,084) (468) (93) (20,645)
Non-current liabilities
Non-current provisions (1,667) 468 (5) - (1,199)
(1,667) 468 - (1,199)
Total liabilities (21,751) - (93) (21,844)
Net assets 28,649 - (230) 28,419
Equity attributable to
equity holders of parent
company
Called up share capital 3,366 - - 3,366
Share premium account 14,621 - - 14,621
Merger reserve 9,565 - - 9,565
Other reserves (2,391) - - (2,391)
Currency translation - 9 (6) - 9
reserve
Retained earnings 3,488 (9) (6) (230) 3,249
Total equity 28,649 - (230) 28,419
Restated balance sheet Measurement
and
At 31 May 2007 UK GAAP as recognition Restated
previously adjustments in
reported Presentation accordance
adjustments with IFRS
£'000 £'000 £'000
Non-current assets
Property, plant and 1,780 (210) (2) - 1,570
equipment
Intangible assets 16,344 210 (2) 320 (8), 16,874
(9)
Deferred tax asset - 1,029 (3) (160) (10) 869
18,124 1,029 160 19,313
Current assets
Property held for resale 2,056 - - 2,056
Inventories 5,074 - - 5,074
Trade and other 21,508 (1,029) (3) - 20,479
receivables
Cash and cash equivalents 5,596 - - 5,596
34,234 (1,029) - 33,205
Total assets 52,358 - 160 52,518
Current liabilities
Trade and other payables (20,587) 1,071 (4) (130) (7) (19,646)
Tax liabilities - (1,071) (4) - (1,071)
Current provisions - (456) (5) - (456)
(20,587) (456) (130) (21,173)
Non-current liabilities
Non-current provisions (1,312) 456 (5) - (856)
(1,312) 456 - (856)
Total liabilities (21,899) - (130) (22,029)
Net assets 30,459 - 30 30,489
Equity attributable to
equity holders of parent
company
Called up share capital 3,382 - - 3,382
Share premium account 14,851 - - 14,851
Merger reserve 9,565 - - 9,565
Other reserves (2,486) - - (2,486)
Currency translation - (13) (6) - (13)
reserve
Retained earnings 5,147 13 (6) 30 5,190
Total equity 30,459 - 30 30,489
8. Copies of this statement will be sent to shareholders and will be
available on the Group's website (www.quadnetics.com) and from Quadnetics Group
plc, Haydon House, 5 Alcester Road, Studley, Warwickshire B80 7AN.
- Ends -
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