REG - Synectics PLC - AGM Statement

SynecticsAnnouncement

20/04/2022 07:00

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RNS Number : 6533I  Synectics PLC  20 April 2022

 RNS   20 April 2022

 

 

 

Synectics plc

("Synectics" or the "Company")

 

AGM Statement

 

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:

 Synectics plc                    Tel: +44 (0) 114 280 2828
 David Coghlan, Chairman
 Paul Webb, Chief Executive
 David Bedford, Finance Director
 email: info@synecticsplc.com     www.synecticsplc.com

 Shore Capital                    Tel: +44 (0) 20 7408 4050
 Tom Griffiths / David Coaten

 Media enquiries:
 Intelligent Conversation         Tel: +44 (0) 161 694 3979
 Claire Evans
 email: claire@weareic.com

 

Ends

 

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 (http://www.synecticsplc.com/)

 

 

 

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