Shares of Studley-based security technology group Quadnetics plummeted yesterday after the firm announced that its full year underlying profits would only be in line with last year.

Shares dropped more than 20 per cent after the firm, which specialises in advanced surveillance technology and security networks, said there would be a slightly higher weighting towards the second half.

In an AGM statement, Quadnetics said first half trading had been weaker than expected after a mixed start, but this had been offset by strength in orders and continued growth in customer demand.

Sales in the five months to the end of October were eight per cent ahead of the same period last year, while the outstanding order book was up by four per cent on last year.

In the short-term however, the company will take one-off expenses from actions it has taken to reduce costs.

Shares closed down 61.5p at 233.5p.