Quadnetics hit by casino delays

CCTV company Quadnetics said today that trading had dipped towards the end of its financial year as it hit problems with a key component supplier.

The firm, giving its update for the 18 months to November 30 - having moved its year-end from May - said customer deliveries due for last month will not now take placce until a few weeks later.

Quadnetics saw a strong performance in the six months to May 31 but trading in the final months of the financial year was "somewhat below the board's expectations".

It said "last minute slippage" of deliveries by a key components supplier for the US casino market in its Sheffield- based Synectics' division. That means the marin will move into the next reporting period.

It also said an expected large Synectics order for November delivery to a UK local authority customer was delayed until next year while the firm's new UK banking customer adjusted its schedule for November rollout of branch upgrades.

Quadnetics said these delivery delays in the final month of the period will affect reported results but the overall improvement in most of its business areas had continued.

On a like-for-like basis, expected results for the 12 months to 30 November 2010 are "very significantly ahead "of those for the same period in the previous year. Quadnetics remains on track towards its target of doubling operating margins over the next few years, it said.

The order book is estimated to be about 28m at 30 November, up from 22m at the end of November 2009.