AGM Statement (8552F)
May 04 2011 - 1:00AM
UK Regulatory
TIDMQDG
RNS Number : 8552F
Quadnetics Group PLC
04 May 2011
For Immediate Release 4 May 2011
Quadnetics Group plc
("Quadnetics" or the "Group")
AGM Statement
At the Annual General Meeting of Quadnetics plc, to be held at
11.00am today, Chairman, David Coghlan, will make the following
statement:
"The Board expects that Quadnetics' trading in the six months to
31 May 2011 will be in line with the Group's operating plan, though
with variations in performance across divisions and across
geographical end markets.
"As anticipated, surveillance markets dependent on the UK public
sector continue to be patchy, with projects in both defence and
local authority areas experiencing delays in contract awards. We
have also seen lower than expected demand for on-bus surveillance
systems; underlying new bus orders in the UK have remained quite
weak, although recently there has been some evidence of recovery.
In contrast, sales to the UK financial services sector have been
strong.
"Outside the UK, recent political events in the Middle East have
resulted in the cancellation or delay of a number of projects
across the region. Despite this, Synectics Networks' operations in
Dubai are still expected to move from start-up losses into profit
in the six months to 31 May 2011.
"In North America, sales of casino and gaming surveillance
systems have been especially strong, with some important new
customer and contract wins so far this financial year. Progress in
Synectics' oil and gas division has been equally strong, notably
including work on the first systems for the Gorgon natural gas
project in Australia, where the scope of the contract continues to
grow.
"The quality of our technology, and the diversity of specialist
end markets which Quadnetics serves, continue to provide a measure
of protection against uncertainties in individual business sectors
or geographical regions. Overall, the Company anticipates that
results for the current year will be in line with market
expectations."
Quadnetics Group plc Tel: +44 (0) 1527 850 080
John Shepherd, Chief Executive
Email: john.shepherd@quadnetics.com
Arbuthnot Securities Limited Tel: +44 (0) 20 7012 2000
Tom Griffiths
Buchanan Communications Limited Tel: +44 (0) 20 7466 5000
Tim Anderson / Isabel Podda
This information is provided by RNS
The company news service from the London Stock Exchange
END
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