REG - Synectics PLC - AGM Statement

SynecticsAnnouncement

24/04/2024 07:00

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RNS Number : 7478L  Synectics PLC  24 April 2024

 24 April 2024

 RNS

 

 

Synectics plc

("Synectics" or the "Company")

 

AGM Statement

 

Synectics, a leader in advanced security and surveillance systems, is holding
its Annual General Meeting ("AGM") today. At the meeting, Steve Coggins,
Interim Chair, will make the following statement:

"I am delighted to report that Synectics continues to build on the positive
performance delivered last year and has seen a strong start to the current
financial year in both its Systems and Security divisions.

The Company has started the year well, underpinned by a strong order book, and
is trading in line with market expectations for the year ending 30 November
2024 ("FY 2024"). As in prior years, the Board anticipates that results for FY
2024 will be second half weighted.

The Company has continued to strengthen its position in the oil and gas sector
and is seeing sustained demand from existing and new clients for refits and
refurbishments alongside new projects.

After a challenging period for the gaming sector, the Company is now seeing
encouraging signs from the North American market and has recently secured
three contracts for customers in Ontario, Omaha and Maryland, with a combined
value of $2.0 million to be delivered during FY 2024. Two of these are new
sites for existing customers and the third is for a new customer. This will
see the implementation of  the Company's proprietary software platform,
Synergy, across multiple smaller sites. These contracts demonstrate the
ongoing opportunities for Synectics in both large and medium sized casinos in
North America, alongside a strong market and pipeline in Asia.

The Company's expertise and reputation in critical infrastructure, public
space and transport continue to underpin its new business efforts, which are
further reflected in the recently announced contracts with National Grid and
another major UK utility provider, demonstrating continued demand for its
market leading solutions.

As announced on 9 April 2024, I will step down as interim Chair and from the
Board following the conclusion of this meeting, ending a near 20-year
association with Synectics.  It has been a privilege to be involved with the
Company, and I leave with pride. In my opinion, the Company is in great shape,
and has seen good progress in revenue, profits and share price. The market
opportunity is excellent and Synectics is extremely well placed to grasp it. I
wish my successor, Bob Holt, every success, in what I believe will be a
significant period of growth for the Company."

 

For further information, please contact:

 

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

 Paul Webb, Chief Executive Officer                                        www.synecticsplc.com (http://www.synecticsplc.com/)

 Amanda Larnder, Chief Financial Officer

 info@synecticsplc.com (mailto:info@synecticsplc.com)

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

 Vigo Consulting                                                           Tel: +44 (0) 20 7390 0230
 Jeremy Garcia / Fiona Hetherington / Aisling Fitzgerald

 synectics@vigoconsulting.com (mailto:synectics@vigoconsulting.com)

 

 

About Synectics plc

 

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

 

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