At its Annual General Meeting (“AGM”) which is being held later this morning, David Coghlan, the Chairman of Synectics plc (AIM: SNX), a leader in the design, integration and support of advanced security and surveillance systems, will make the following statement:
“Synectics’ trading in the first quarter of the new financial year was in line with the Board’s expectations.
The Systems division has begun the financial year slightly ahead of the Board’s expectations, mainly as a result of an improved contribution from public space and infrastructure security systems in the UK, including the National Grid contract which was announced recently, and also encouraging progress in global Oil & Gas markets.
While the Security division has had a slower start to the financial year, with several projects experiencing client-driven delays, these are expected to be recovered later this financial year.
The Company’s consolidated order book as at 31 March 2022 was approximately £29.0 million (30 November 2021: £28.4 million) and the Group’s balance sheet remains strong with net cash of approximately £3.9 million at 31 March 2022 (30 November 2021: £4.6 million).
Activity in Synectics’ main regional markets has continued the pattern shown in the second half of the last financial year with continued modest recovery in the UK and Europe, the pipeline of expected orders in North America progressing steadily, and Asian markets remaining subdued, but with some evidence that these look likely to turn by early next year.
These trends underpin the Board’s continued expectations for a solid improvement in trading results across this year, particularly in the second half.”
A further update on current trading and prospects will be given in June 2022 following the end of the Company’s first half year.
For further information, please contact:
Tel: +44 (0) 114 280 2828
David Coghlan, Chairman
Paul Webb, Chief Executive
David Bedford, Finance Director
email: [email protected]
About Synectics plc
Synectics (AIM: SNX) is a leader in the design, integration and support of advanced security and surveillance systems that enable clients around the world to protect their people, communities, and assets.
Founded over 30 years ago, Synectics has deep industry experience across gaming, energy, urban transport, public space and critical infrastructure projects. The Group’s expert engineering teams work in partnership with customers to create integrated product and technology solutions, proven in the most complex and demanding operating environments.
Find out more at www.synecticsplc.com
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