Quadnetics Group PLC
30 June 2004
Press Release 30 June 2004
Quadnetics Group plc
Year end trading update
Quadnetics Group plc ('Quadnetics'), a leader in the design, integration and
control of advanced CCTV and networked video systems, advises that, following
the acquisition of Look CCTV Limited and Coex Limited in February this year,
trading for the Group for the year ended 31 May 2004 has been in line with
expectations at the time of the acquisitions.
This is despite an exceptional operating charge of approximately £240,000 within
Look CCTV in respect of the receivership of the TransBus subsidiary of Mayflower
Group plc. Look CCTV's business with TransBus has subsequently resumed under
TransBus' new ownership, and Look's operating results continue to exceed
expectations.
Quadnetics also announces that its subsidiary, Synectic Systems, has been
selected by a major UK police force to provide an extensive CCTV security
digital control system with an initial value of approximately £1 million. The
system incorporates Synectics' patented Time Lapse LaterTM digital recording
solution and advanced Synergy operator control and system management software.
Synectics also expects to provide a five-year maintenance service for the
system. Due to initial work undertaken to meet customer deadlines prior to
formal contract signature, part of this system supply will benefit the results
for the financial year ended 31 May 2004.
Russ Singleton, Chief Executive of Quadnetics, said: 'Although security
restrictions prevent a fuller description of the application and functionality
of the system, this selection is the first by a major police force and has
resulted from an exhaustive customer evaluation. We believe it fully validates
the technical strengths of Synectics' products in a new and evolving field. It
is an important landmark that is likely to influence other potential customers
and augurs well for the continuing success of our growth strategy in the new
generation of sophisticated digital CCTV security systems.'
For further information, please contact:
Quadnetics Group plc Tel: +44 (0) 1527 850 080
Russ Singleton, Chief Executive
Email: r.singleton@quadnetics.com
Media enquiries:
Bankside Tel: +44 (0) 20 7444 4140
Peter Curtain / Ariane Vacher
Email: peter.curtain@bankside.com
This information is provided by RNS
The company news service from the London Stock Exchange
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