Spy gadgets company Quadnetics reported a 36 per cent increase in profits and its Sheffield-based surveillance business Synectics announced new contract wins yesterday.
Synectics Industrial Systems, a division of Quadnetics, secured two contracts for security systems in the oil and gas sector. They are for the Takreer, Inter Refinery Pipeline and the Abu Dhabi National Oil Company’s Shah Gas projects and are valued at more than £6m in total.
Synectics Mobile Systems, another division of Quadnetics, has secured a five-year CCTV support contract worth £2.5m with public transport company Abellio. The contract is to support CCTV systems on over 600 buses across London and Surrey. It also includes responsibility for supporting all the back office equipment needed to review CCTV footage.
Sheffield-based Synectic Systems Group, which is involved in the design and development of surveillance technology, operates through three divisions: Synectics Industrial Systems, in North Lincolnshire; Synectics Security Networks in Sheffield; and Synectics Surveillance Technology, in Gloucestershire.
John Shepherd, chief executive of Quadnetics, said: “We are delighted to announce these major contract awards which highlight the continuing success of our strategy of creating complex surveillance systems, increasingly differentiated to serve the needs of the specialist customer sectors we target – critical infrastructure, mobile/transport and hazardous areas.”
Meanwhile, Quadnetics reported in its preliminary results that revenues were up 13 per cent to £69.1m in the year ending November 30, 2011. Pre-tax profit was £2.5m, with underlying profit before tax increasing 36 per cent to £3.5m.
Mr Shepherd said: “We continue to make good progress against our stated targets of growing revenues, operating profit and return on sales. I am pleased to report that this significant improvement in performance has been achieved whilst still being able to increase R&D investment in new systems and products as well as completing the acquisition of Indanet in the period.
“We start 2012 with increased technical capability, geographical and market reach and most importantly a larger order book – all factors which give us confidence that further good progress will be achieved in 2012. Our highly capable and committed workforce can feel justifiably proud of delivering this result and I thank them all on behalf of the executive team.”
David Coghlan, chairman, said the board would be proposing at an upcoming AGM to change the name of Quadnetics Group to Synectics.