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Date: Wednesday 03 Sep 2008

LONDON (ShareCast) - Higher sales in North America helped CCTV supplier Quadnetics report a sharp rise in revenue but pre-tax profits were flat and the company predicted ‘modest financial progress’ for the year.

Sales in the year to May 31 climbed to £79.1m from £66m while pre-tax profits were steady at £4.4m.

Turnover in North America climbed by 27%, the company said. It was also helped by strong sales of CCTV equipment for use on public transport, including a £1.5m contract with the bus operator Stagecoach.

The Warwickshire-based company said business was holding up well despite signs of weakness in some of the sectors it covers.

“Although our financial services and defence customer sectors are showing signs of weakness, our markets overall, judged by the visible pipeline of future business we have won or expect to win imminently, look to be holding up well,” chairman David Coghlan said.

Given the uncertain economic outlook and continued investment in marketing new products, financial progress for the year should be modest, he said.

The company’s board is proposing a final dividend of 4.5p, compared with 4p a year ago.

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