Synectics Regulatory News (SNX)

6 Feb 2008 07:01

Quadnetics Group PLC06 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 andcontrol of advanced CCTV and networked video systems, is pleased to reportinterim 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 respectof 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 ofthe financial year. These results are in line with our expectations and we hopeto continue our momentum into the second half of the year. The demand for ourSynectics' new products is positive and our bid pipelines and order books arehealthy and so we expect continued progress in what is an attractive andexciting marketplace for electronic security systems." For further information, please contact: Quadnetics Group plc Tel: +44 (0) 1527 850080Russ Singleton, Chief ExecutiveEmail: russ.singleton@quadnetics.com www.quadnetics.comBrewin Dolphin Securities Tel: +44 (0) 113 241 0130Neil Baldwin Media enquiries: Buchanan Communications Limited Tel: +44 (0) 20 7466 5000Isabel PoddaEmail: isabelp@buchanan.uk.com Chairman's Statement Introduction The first half of the current financial year was a period of continued goodprogress in some areas and weaker performance in others. On the positive side,Synectics' sales to the North American gaming security sector enjoyed furtherstrong growth compared to the same period last year. As previously reported,though, progress within our UK systems integration activities was slower thananticipated. Actions were taken quickly to protect margins by reducing the costbase in that area, although the impact of one-time charges means that thebenefit 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 setout in our trading statement on 28 November 2007. This is the Company's first set of results reported under IFRS accountingconventions, although the net impact of changes compared with the previouslyapplied UK GAAP has not had a material effect on underlying profits. Consolidated turnover for the half year was £35.9 million (2006/7: £30.9million). This increase of just over 16% was flattered by approximately £3million of additional turnover from low margin capital works performed bysub-contractors in accordance with agreements with our retail managed servicesclients. Excluding this effect, like-for-like turnover increased by 7.3%.Underlying profits (that is, profits before tax, goodwill reduction in respectof tax losses and share-based payment charges) were £1.3 million (2006/7: £1.8million). Profit Before Tax was £2.0 million (2006/7: £1.4 million) afterbenefiting from a credit of £0.8 million in respect of share-based paymentcharges that the Board believes should be reported separately to avoid obscuringthe true operating performance. Underlying earnings per share (after tax) were6.0 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 exchangerate, with an impact across the Group estimated to be around £0.2 million forthe half year. Subsequent to 30 November, part of the dollar decline has beenreversed and, if this position is maintained until our year end, we would expectan exchange gain in the second half. Cash Position Net cash as at 30 November improved to £7.8 million (30 November 2006: £6.3million; 31 May 2007: £5.6 million), aided by proceeds of £2.1 million from thesale and leaseback of Synectics' headquarters building in Sheffield purchased inMarch 2007. Dividend An interim dividend of 2.5 pence per share (2006/7: 2.0 pence) will be paid on14 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 £26mOperating 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 derivedfrom additional capital works for retail managed service clients. Gross profitsfor the division were essentially flat compared with the first half last year.Underlying operating profits were £1.3 million (2006/7: £1.7 million), includingthe redundancy costs already mentioned. The major operating factor contributing to this first half financial performancewas the previously reported slowdown in finalisation of orders and deliveryschedules from central government customers in the UK and Middle East. It isencouraging to note that such timing issues have now noticeably abated, withimportant new orders received in both these areas. In total, the division's firmorder book at 30 November was approximately 50% higher than at the correspondingpoint last year, underpinning expectations for the remainder of the year. Synectics The Group's security technology division, providing security network productsand 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 whichit 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 ofSynectics' new digital product range, due primarily to component supply issuesthat have now been satisfactorily resolved. Initial orders for the first productin 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 bestrong, and the pipeline of orders anticipated in the second half is robust. Weinvested further to support our strategy of increased proprietary softwarecontent in Synectics' sales, and our flagship Synergy system management andcontrol software continues to gain recognition as the premier product availablein this growing area. Outlook Quadnetics enjoys the benefit of an attractive and dynamic underlyingmarketplace for electronic security systems, despite occasional volatility fromthe timing of major projects. We are confident that our strategy of focusing onspecialised, highly demanding applications within the overall market willcontinue to deliver long term growth and value to shareholders. Overall orderbooks, bid pipelines and the initial market response to Synectics' new productstogether support an unchanged positive outlook for the second half of this yearand beyond. Nevertheless, the Group's expected results this financial year are weighted evenmore than usual towards the year end. In light of the inevitable risk thisimplies, and against an increasingly uncertain worldwide economic background, anote of caution is in order. Quadnetics is profitable, with a strong, ungearedbalance sheet and a well-diversified, primarily blue-chip, customer base skewedto sectors of the economy (government high security, gaming, oil and gas,transport, food retailing) that have historically been less exposed to anygeneral downturn. The Board will continue to ensure that the Company's approachgives weight to these strengths, as well as to the exciting opportunities we seeto build on the market and technology positions Quadnetics has successfullyestablished over the past few years. David Coghlan6 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 £'000Continuing operationsRevenue 2 35,939 30,935 66,065Cost of sales (26,175) (21,064) (44,234)Gross profit 9,764 9,871 21,831Net operating expenses (7,865) (8,620) (17,651)Profit from operationsExcluding goodwill reduction and 2 1,235 1,648 5,084share-based paymentsGoodwill reduction in respect of tax 7 (141) (153) (309)lossesShare-based payments credit/(charge) 3 805 (244) (595)Total profit from operations 1,899 1,251 4,180Investment income 76 153 233Finance costs (5) (12) (3)Profit before taxExcluding goodwill reduction and 1,306 1,789 5,314share-based paymentsGoodwill reduction in respect of tax 7 (141) (153) (309)lossesShare-based payments credit/(charge) 3 805 (244) (595)Total profit before tax 1,970 1,392 4,410Income tax expense 4 (610) (368) (1,137)Profit for the period 1,360 1,024 3,273Basic and diluted earnings per Ordinary 6 8.8p 6.6p 21.1pshareUnderlying basic and diluted earnings 6 6.0p 8.7p 25.9pper 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 3,273Exchange differences on translation of (14) 18 (4)foreign operationsTotal recognised income and expense for the 1,346 1,042 3,269period Consolidated Balance Sheet 30 November 2007 Unaudited Unaudited Unaudited 30 Nov 30 Nov 31 May 2007 2006 2007 £'000 £'000 £'000Non-current assetsProperty, plant and equipment 2,002 1,799 1,570Intangible assets 17,246 16,817 16,874Deferred tax asset 641 813 869 19,889 19,429 19,313Current assetsProperty held for resale - - 2,056Inventories 4,718 5,442 5,074Trade and other receivables 22,765 19,083 20,479Cash and cash equivalents 7,863 6,309 5,596 35,346 30,834 33,205Total assets 55,235 50,263 52,518Current liabilitiesTrade 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 liabilitiesNon-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 ofparent companyCalled up share capital 3,382 3,366 3,382Share premium account 14,851 14,621 14,851Merger reserve 9,565 9,565 9,565Other reserves (2,486) (2,391) (2,486)Currency translation reserve (27) 9 (13)Retained earnings 6,576 3,249 5,190Total 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) 20assets Share-based payments (credit)/charge (805) 244 595 Operating cash flows before movement in 1,636 1,949 5,675working 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 8,940the period Cash and cash equivalents at the end of the 7,863 6,309 5,596period 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 InternationalFinancial Reporting Standards (IFRSs) as adopted by the EU ("adopted IFRSs"). AIM-listed companies are not required to comply with IAS 34 'Interim FinancialReporting' and accordingly the Company has taken advantage of this exemption. This interim financial information has been prepared on the basis of therecognition and measurement requirements of adopted IFRSs as at 30 November 2007that are effective (or available for early adoption) at 31 May 2008, the Group'sfirst annual reporting date at which it is required to use adopted IFRSs. Basedon these adopted IFRSs, the directors have applied the accounting policies, asset out below, which they expect to apply when the first annual IFRS financialstatements are prepared for the year ending 31 May 2008. However, the adopted IFRSs that will be effective (or available for earlyadoption) in the annual financial statements for the year ending 31 May 2008 arestill subject to change and to additional interpretations and therefore cannotbe determined with certainty. Accordingly, the accounting policies for thatannual period will be determined finally only when the annual financialstatements are prepared for the year ending 31 May 2008. The comparative figures for the financial year ended 31 May 2007 are not takenfrom the Group's statutory accounts for that financial year. However, the 'UKGAAP 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 UKGenerally Accepted Accounting Principles, have been reported on by the Group'sauditors and delivered to the Registrar of Companies. The report of the auditorswas unqualified, did not include a reference to any matters to which theauditors drew attention by way of emphasis without qualifying their report anddid not contain statements under section 237 (2) or (3) of the Companies Act1985. These consolidated interim financial statements were approved by the Board ofDirectors on 6 February 2008. The accounting policies applied by the Group resulting from changes for IFRS areset out below. In all other respects, they are the same as those applied by theGroup in its consolidated financial statements as at and for the year ended 31May 2007. Goodwill Goodwill arises on the acquisitions of subsidiaries, associates and jointventures. As part of its transition to IFRS, the Group elected not to restatethose business combinations that occurred prior to 1 June 2006. In respect ofthese acquisitions, goodwill represents the amount recognised under the Group'sprevious accounting framework (UK GAAP). For acquisitions on or after 1 June2006, goodwill represents the excess of the cost of the acquisition over theGroup's interest in the net fair value of the identifiable assets, liabilitiesand contingent liabilities of the acquiree. When the excess is negative, it isrecognised immediately in profit or loss. Goodwill is measured at cost less accumulated impairment losses. The carryingamounts are reviewed at each reporting date to determine whether there is anyindication of impairment. Where there is, the recoverable amount is estimatedand an impairment loss is recognised if the carrying amount exceeds itsrecoverable amount. Employee benefits As a result of specific guidance contained in IAS 19 'Employee Benefits', theGroup recognises an accrual for untaken holiday pay at the balance sheet date. Deferred taxation Deferred tax is recognised on all taxable temporary differences. Temporarydifferences are differences between the tax base of an asset or liability andits carrying amount in the balance sheet. 2. Segmental analysis Turnover and underlying operating profit (operating profit before goodwillreduction and share-based payments credit or charge) derives from the Group'stwo 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-settledshare-based payments to certain employees in the form of share options under theGroup's share option schemes, and awards under the Quadnetics Group EmployeeShare Scheme respectively. Based on the Company's share price as at 30 November 2007, the liability inrespect of share-based payments has fallen by £805,000 and accordingly thisamount has been credited to the income statement. 4. Tax charge The tax charge for the period is based on the estimated rate of corporation taxthat 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 onthe 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 21.1Goodwill 141 153 309 0.9 1.0 2.0reductionShare based (805) 244 595 (5.2) 1.6 3.8payments(credit)/chargeImpact ofshare-basedpayments 242 (73) (165) 1.5 (0.5) (1.0)(credit)/chargeon tax chargefor the periodUnderlying 938 1,348 4,012 6.0 8.7 25.9earningsBasic earnings 1,360 1,024 3,273 8.8 6.6 21.1- dilutedUnderlying 938 1,348 4,012 6.0 8.7 25.9earnings -diluted '000 '000 '000 Weighted average number of ordinary shares - basic 15,530 15,479 15,495calculationDilutive potential ordinary shares arising from share 13 6 9optionsWeighted average number of ordinary shares - diluted 15,543 15,485 15,504calculation 7. Reconciliations from UK GAAP to IFRSRestated income statement Measurement andFor the six months ended UK GAAP as recognition Restated previously adjustments in30 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 goodwillamortisation, goodwillreduction and share-based 1,622 - 26 (7) 1,648paymentsGoodwill 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 1,251operations Investment income 141 12 (1) - 153 Finance costs - (12) (1) - (12) Profit before tax Excluding goodwillamortisation, goodwillreduction and share-based 1,763 - 26 (7) 1,789paymentsGoodwill 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 presentationrequirements. There has been no impact on cash and the Group continues toreconcile to the same cash and cash equivalents balance. Restated income statement Measurement andFor the year ended 31 May UK GAAP as recognition Restated2007 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 goodwillamortisation, goodwillreduction and share-based 5,095 - (11) (7) 5,084paymentsGoodwill 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 4,180operations Investment income 230 3 (1) - 233 Finance costs - (3) (1) - (3) Profit before tax Excluding goodwillamortisation, goodwillreduction and share-based 5,325 - (11) (7) 5,314paymentsGoodwill 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 andAt 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) - 1,754equipment 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) - 19,089receivables 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 toequity holders of parentcompanyCalled 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 andAt 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) - 1,799equipment 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) - 19,083receivables 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 toequity holders of parentcompanyCalled 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) - 9reserve Retained earnings 3,488 (9) (6) (230) 3,249 Total equity 28,649 - (230) 28,419 Restated balance sheet Measurement andAt 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) - 1,570equipment 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) - 20,479receivables 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 toequity holders of parentcompanyCalled 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 - This information is provided by RNS The company news service from the London Stock Exchange