REG - Synectics PLC - AGM Statement

SynecticsAnnouncement

27/04/2023 07:00

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RNS Number : 6039X  Synectics PLC  27 April 2023

 

 RNS                 27 April 2023

      27 April 2023

 

 

Synectics plc

("Synectics" or the "Company")

 

AGM Statement

 

At its Annual General Meeting ("AGM") which is being held later this morning,
Craig Wilson, Chair of Synectics plc (AIM: SNX), a leader in advanced security
and surveillance systems, will make the following statement:

"Trading in the first quarter of this financial year ("FY2023") has been in
line with the Board's expectations and forecasts for the year remain
unchanged.

The Systems division has begun FY2023 slightly ahead of the Board's
expectations, mainly as a result of strong performance in the oil & gas
sector which is expected to continue.

While the Security division has seen a slow start to the financial year, it
has a number of exciting project opportunities that are expected to be
realised during FY2023.

Activity in the oil & gas sector has been particularly strong, and in
addition to the significant contract win announced on 13 April 2023, a number
of other valuable projects have been secured for the Company's specialist
COEX(TM) camera stations. Project delivery cycles in the oil & gas sector
tend to be longer due to the manufacturing cycle, so most of this revenue will
be realised in the second half of FY2023.

The current pipeline of oil & gas opportunities extends well into 2024,
and the Company has already begun gearing up supply chain and production
capacity in line with expected increased demand later in this year and beyond.

In the gaming sector globally, whilst interest and activity levels continue to
increase, expected projects and orders are still experiencing delays. Other
markets continue to perform in line with the Board's expectations.

The Company's consolidated order book is now significantly ahead of that at 30
November 2022 and its balance sheet remains strong with net cash slightly
ahead of the position at the Company's year end. The Company's cash position
is now projected to be stronger at 31 May 2023 than previously expected
despite planned and well managed increased levels of working capital.

These trends underpin the Board's continued expectations for a solid
improvement in trading results this year, but as highlighted on 22 February
2023 in the announcement of the Company's audited final results for the year
ended 30 November 2022, timing of projects coupled with longer lead-times mean
that results for FY2023 are now anticipated to be more heavily weighted to the
second half of the year than previously expected."

A further update on current trading and prospects will be given in June 2023
following the end of the first half of FY2023.

 

 

For further information, please contact:

 Synectics plc                          Tel: +44 (0) 114 280 2828

 Craig Wilson, Chair                    www.synecticsplc.com

                                      (https://url.avanan.click/v2/___http:/www.synecticsplc.com___.YXAxZTpzaG9yZWNhcDphOm86MzA1ODNkNTBhNGE0Njc5Y2JkY2ExMmMxZmMwODEzZjk6NjplYTlmOmY5YTBiZGQ3NzFlYWNkOTk0Njc5ZWZjMjE1YmI0MGYyN2I3ZmQ1OGYyMTJiOTU4NzJiODNiMzAwNjYxY2E2YWQ6cDpU)
 Paul Webb, Chief Executive

 Amanda Larnder, Finance Director

 email: info@synecticsplc.com

 Shore Capital                          Tel: +44 (0) 20 7408 4090
 Tom Griffiths / David Coaten

 

 

About Synectics plc
 
Synectics plc (AIM: SNX) is a leader in advanced security and surveillance systems that help protect people, property, communities, and assets around the world.
The Company's expertise is in providing solutions for specific markets where security and surveillance is critical to operations. These include gaming, oil and gas, public space, transport, and critical infrastructure.
Synectics has deep industry experience in these markets and works closely with customers to deliver solutions that are tailored to meet their needs. Technical excellence, combined with decades of experience and long-standing customer relationships, provides fundamental differentiation from mainstream suppliers and makes the company a stand-out in its field.

 

Find out more at
www.synecticsplc.com (https://url.avanan.click/v2/___http:/www.synecticsplc.com/___.YXAxZTpzaG9yZWNhcDphOm86MzA1ODNkNTBhNGE0Njc5Y2JkY2ExMmMxZmMwODEzZjk6NjpmNzcxOmQzODczOTNkMjZhZTQ1MWNmMjRlOGM5NTBlZDI4Nzg3NjkwNDJkM2YzYWViYjU3NzQ1NTE4ZWZjOTk2ZmY5NGQ6cDpU)

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