REG - Synectics PLC - Half-year Report
12/07/2022 07:00
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RNS Number : 0716S Synectics PLC 12 July 2022
RNS 12 July 2022
Synectics plc
("Synectics" or the "Company" or the "Group")
Interim results for the six months ended 31 May 2022
Synectics plc (AIM: SNX), a leader in the design, integration and support of
advanced security and surveillance systems, reports its unaudited interim
results for the six months ended 31 May 2022 ("H1 2022").
Headlines
· Substantial profit turn-around against same period last year - profit before
tax £0.5 million (H1 2021: £(0.8) million loss)
· H1 2022 revenue £22.8 million (H1 2021: £22.0 million)
· Diluted earnings per share 2.4p (H1 2021: (2.9)p loss)
· Order book as at 31 May 2022 solid at £29.6 million (31 May 2021: £30.3
million) with a strong pipeline of expected orders
· Net cash as at 31 May 2022 higher than expected at £4.2 million (31 May 2021:
£3.5 million) with no bank debt and £3.0 million undrawn facility
· Strong gross margin performance in both operating divisions
· Activity levels in the Company's major end-user markets generally continue to
gather momentum
· The Board expects further improved results in the seasonally stronger second
half of this financial year
Commenting on the results, Paul Webb, Chief Executive of Synectics, said:
"A strong team performance has delivered a substantial turnaround in profits
despite challenges in the supply chain, and with some end markets still
subdued. We expect this trajectory of revenue and profit growth to continue in
the second half of this year and beyond."
For further information, please contact:
Synectics plc Tel: +44 (0) 114 280 2828
David Coghlan, Chairman
Paul Webb, Chief Executive
Amanda Larnder, Finance Director
email: info@synecticsplc.com (mailto:info@synecticsplc.com) www.synecticsplc.com (http://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 (mailto:claire@weareic.com)
Chairman's Statement
Overview
Trading in the first half of 2022 was in line with the Board's expectations
and produced considerable progress. Pleasingly, profits were ahead of the
seasonally stronger second half of last year and represented a significant
turnaround from the same period last year.
The improved results were largely driven by revenue growth of over 20 percent.
in the Company's core Systems division, and were supported by improved margins
in the Security division.
Activity levels in the major end-user markets that Synectics serves generally
continued to gather momentum as markets severely affected by the pandemic
began their recovery, particularly in oil & gas and US gaming. That
recovery is, as yet, less evident in casinos and gaming resorts in
Asia-Pacific where leisure travel has remained subdued.
Overall, the Board is pleased with Synectics' performance in H1 2022 and
expects a continuation of the trajectory of improvement in the second half of
this financial year.
Results
Synectics' revenue for the period was 4 percent ahead of H1 2021 at £22.8
million (2021: £22.0 million).
The Group recorded an underlying profit before tax for H1 2022 of £0.5
million (H1 2021: £(0.8) million loss). There were no non-underlying items
and therefore, the profit before tax was also £0.5 million (H1 2021: £(0.8)
million loss). Diluted earnings per share were 2.4p (H1 2021: (2.9)p loss).
There was no material impact of foreign exchange movements on results for the
half year. Net cash as at 31 May 2022 was higher than expected at £4.2
million (31 May 2021: £3.5 million). The Company has no bank debt and
available undrawn facilities of £3.0 million.
Order book as at 31 May 2022 was solid at £29.6 million (31 May 2021: £30.3
million) with approximately £16 million (31 May 2021: £15 million) of this
expected to trade in this financial year. Together with a strong pipeline of
expected orders, this supports the Board's expectations for improved trading
in the second half of the year.
More details on these results are set out below in the divisional reports.
Dividend
In the Company's Annual Report for FY 2021, the Board set out its intention to
pay only a final dividend in respect of the year ending 30 November 2022.
Accordingly, no interim dividend is being declared.
Business Review
Systems Division
Synectics' Systems division provides specialist electronic surveillance
systems, based on its proprietary technology, to global end customers with
large-scale, highly complex security requirements, particularly for transport
& infrastructure, gaming, high security & public space protection and
oil & gas operations.
£000 Six months ended Six months ended Year ended
31 May 31 May 30 Nov
2022 2021 2021
Revenue 11,816 9,801 20,661
Gross margin(1) 50.4% 47.8% 46.4%
Operating profit/(loss)(1) 722 (482) 58
Operating margin(1) 6.1% (4.9)% 0.3%
( )
(1) Before Group central costs.
These improved results were largely driven by revenue growth of approximately
20 percent. as markets severely affected by the pandemic began their recovery,
coupled with strong gross margins.
The Systems division's strong gross margins reflect both its ability to pass
on cost increases and further progress in the Group's strategy of increased
software content in its deliveries.
Although the division experienced some disruption to its supply chains from
the prevalent global issues, proactive management meant that there was no
material impact on either delivery schedules or margins.
Notable during the period were the award of a substantial long-term contract
to provide security management software support for the UK energy company
National Grid, across its estate, which was announced in March 2022, and a
number of oil & gas projects that meant revenues in that sector increased
by over 40 percent from the prior year, albeit from a low level.
As mentioned above, activity levels in the major end-user markets that
Synectics serves generally continue to gather momentum, particularly in the
oil & gas and gaming sectors where revenues were well ahead against the
same period last year.
Europe, Middle East & Africa (Revenue £7.3 million (H1 2021: £6.5
million))
Revenues were ahead of the prior year, primarily due to improvements in the
oil & gas market - a trend which is expected to continue.
Solid performance in public space, transport and infrastructure markets, at a
similar level to the prior year, was built on continuing work for major
customers in the City of London, West Midlands and Berlin.
Asia Pacific (Revenue £2.3 million (H1 2021: £1.7 million))
The period saw improvements in both oil & gas and gaming revenues in the
region from the low levels of the prior year.
Travel and business in the region remained very difficult in the period, but
with travel possible in recent months, and increased activity, the Board
expects further improvements in H2, with more meaningful progress in 2023.
North America (Revenue £2.2 million (H1 2021: £1.6 million))
Synectics' current activities in North America, almost exclusively in casino
operations, recorded an increase in revenue as casino operations resumed.
The Board expects further progress here in H2, whilst noting that casino
operators are signalling that current economic conditions are hindering their
expected recovery.
Technology Development
Continued investment in our intellectual property and technology base within
the Systems division remains an important priority for the Group, and during
H1 2022 this investment continued at planned levels.
Expenditure on technology development during H1 2022 was maintained at £1.6
million (H1 2021: £1.7 million) of which £0.2 million (H1 2021: £0.3
million) was capitalised and the remainder expensed to the income statement.
In addition, £0.5 million (H1 2021: £0.4 million) of previously capitalised
development was amortised in the period. These figures are all included
within the results of the Systems division set out above.
The latest generation of Synectics' Synergy software has been developed as a
hybrid Cloud platform - allowing customers to combine Cloud services with
traditional IT infrastructure, and evolve to Cloud solutions at a time and
speed that are right for them.
Following successful initial deployments of Cloud-native and hybrid solutions,
Synectics' development efforts have been focused on extending Synergy's
functionality "beyond the control room" towards an anywhere, anytime concept,
with web-native video technology ensuring low-barrier access to users wherever
they may be, on any device.
The Group's large projects for advanced infrastructure surveillance, including
Deutsche Bahn in Berlin and the Cloud-based deployment of Synergy for the City
of London Corporation and City of London Police, along with further successful
adoption of primary Cloud products such as Synectics' Cloud Evidence Locker,
continue to act as important references for Synectics' core advanced
technology.
These capabilities and concepts have been presented to many existing and
potential customers, and marketing activity has been increased - with
excellent feedback.
The next-generation Synergy Web platform enables users, via strict access
permissions and encrypted communications, to access vital Synergy features,
including management reports and dashboards, and live and historic incidents.
The Synergy Ecosystem continues to be extended with numerous new integrations
to third-party systems. While these new integration drivers have historically
been developed in-house by the Synectics Technology Centre team, recent
developments now allow third parties to undertake such integrations.
We continue to work closely with our customers to understand their future
needs and to support their transition into hybrid and Cloud solutions at a
time that is right for them. Our technology choices will support customers on
their journey to the Cloud, and Synectics' feature development continues to
focus on solutions which align with their evolving IT and operational
requirements.
Security Division
Synectics' Security division is a leading UK provider of design, integration,
monitoring, and management of large-scale electronic security systems for
critical and regulated environments. Its main markets are in critical
infrastructure, transport, and public space. Its capabilities include UK
government security-cleared personnel and facilities, nationwide project
delivery and service support, and an in-house 24-hour monitoring centre and
helpdesk. Synectics Security supplies proprietary products and technology from
Synectics' Systems division as well as selected outside partners, and also
provides highly-regarded security monitoring and facilities management
services.
£000 Six months ended Six months ended Year ended
31 May 31 May 30 Nov
2022 2021 2021
Revenue 11,804 13,106 24,965
Gross margin(1) 25.8% 23.6% 24.1%
Operating profit(1) 575 497 924
Operating margin(1) 4.9% 3.8% 3.7%
(1) Before Group central costs.
Synectics Security, the Group's UK-focused integration division, experienced a
decline in revenues compared to the same period last year largely due to
customer-led delays on several major projects that had been expected to be
largely completed in the half.
However, the division's long-term strategy to raise operating margins is
continuing to bear fruit. An improved mix of business, principally from a
higher proportion of targeted high-security work, drove higher gross margins,
and the continued focus on control of costs and tighter project management
delivered an operating profit in H1 2022 that was better than the satisfactory
result achieved in the same period last year.
In the UK public sector, whilst local authority funding continues to be
constrained, initiatives such as the Government's Safer Streets programme
provide opportunities with a number of local councils that have significant
central funding available.
Orders from the UK bus market continued at broadly similar levels to last
year, with bus registrations largely in line with those seen in the second
half of last year.
Notable contract wins in the period included new and extended security systems
for two UK police forces, a significant new Government-funded research and
development facility, and a large contract for new zero-emission electric
buses in Ireland.
Ongoing contracts with the City of London Police, Irish Rail and others, along
with a strong pipeline of expected orders, underpin an expectation of
increased revenues in the second half with operating margins broadly in line
with those achieved in H1 2022.
Strategy
Synectics' strategy remains to develop and capitalise on its market-leading
positions within relevant sectors of the global surveillance and security
market where customers value high-performance, sector-specific capability. Its
core market sectors continue to be transport & infrastructure (including
"safe city" projects), casinos and gaming resorts, high security facilities
and oil & gas. It achieves product differentiation, cost competitiveness
and scalability in these markets by maintaining a standard modular core
technology engine which supports solutions tailored as required for specific
sectors and customers. The solution can now be delivered in traditional, cloud
or hybrid cloud versions, providing full flexibility for a customer's desired
technical deployment.
Significant technology development investment is focused on expanding the
range of capabilities of the core Synergy platform to enable end-to-end
control of the overall surveillance and security operations function. To
customers whose other options would largely be based on bespoke development,
the Synectics' alternative offers the flexibility and power they need, but at
a lower cost and with substantially reduced risk.
Once installed, these software-based systems tend to engender long-term
customer relationships and recurring revenue, with contracts for ongoing
licensing, support and upgrades.
In the UK and Ireland, Synectics' technology is increasingly delivered via its
in-house integration division, as well as through third-party integration
partners. Globally, delivery is either direct or via local specialist
partners.
Board Changes
Shortly after the end of the half year, the Company has announced several
actual and planned changes to the composition of the Board. In early June
2022, we welcomed Andrew Lockwood, who has joined as an independent
Non-executive Director. Andrew has particularly relevant experience in the
successful scaling of enterprise software systems.
We have also recently announced the departure of David Bedford as Group
Finance Director, and I would like to thank him for his contributions over his
two and a half years in the role. David's replacement is Amanda Larnder, who
is well known to us all at Synectics, having been Group Financial Controller
and subsequently Acting Finance Director until 2019, prior to the relocation
of the Group's head office from the Midlands to Sheffield. She will be a
strong addition to the senior management team and the Board.
Finally, the Company also announced in June my intention to retire as Chairman
and from the Board by the end of 2022, as soon as a suitable replacement has
been found and a proper transition completed. As our main markets are emerging
from the severe impacts of the pandemic, Synectics has restored profitability,
strengthened its competitive positions and is on an expected trajectory for
significant growth. Having had the honour of chairing Synectics for the last
16 years, it is now time for me to step back from my current commitments to a
less direct role and support the future success of the Company as an actively
engaged outside shareholder.
Outlook
The recovery of results in the second half of 2021 was largely driven by
restructuring efficiencies and cost-saving measures implemented in the
preceding financial year. By important contrast, the progress in 2022 so far
has been led by a significant and continuing resumption of revenue growth in
the core Systems division, coupled with strong gross margins. Margin growth in
both divisions has been achieved despite the well-documented difficulties with
global supply chains and input price inflation affecting the electronics
industry generally, and is evidence of the Group's successful strategy of
targeting software-intensive business from customers with critical
surveillance needs.
Based on the current pipeline of anticipated business, the Board expects
Synectics' trajectory of revenue and profit growth to continue in the second
half and beyond.
David Coghlan
Chairman
12 July 2022
Consolidated income statement
For the six months ended 31 May 2022
Notes Unaudited Unaudited
six months six months
ended ended
31 May 2022 31 May 2021
£000 £000
Revenue 3 22,765 21,958
Cost of sales (13,767) (14,173)
Gross profit 8,998 7,785
Operating expenses (8,473) (8,641)
Other income - 97
Profit/(loss) from operations, before non-underlying items 525 (759)
Non-underlying items - (12)
Profit/(loss) from operations 525 (771)
Finance costs (40) (39)
Profit/(loss) before tax 485 (810)
Income tax (charge)/credit 4 (80) 313
Profit/(loss) for the period attributable to equity holders of the Parent 405 (497)
Company
Basic earnings/(loss) per share 7 2.4p (2.9)p
Diluted earnings/(loss) per share 7 2.4p (2.9)p
Consolidated statement of comprehensive income
For the six months ended 31 May 2022
Unaudited Unaudited
six months six months
ended ended
31 May 2022 31 May 2021
£000 £000
Profit/(loss) for the period 405 (497)
Items that will not be reclassified subsequently to profit or loss
Re-measurement loss on defined benefit pension scheme, net of tax - (1,073)
405 (1,570)
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations 18 (267)
(Losses)/gains on a hedge of a net investment taken to equity (7) 128
11 (139)
Total comprehensive income/(loss) for the period attributable to equity 416 (1,709)
holders of the Parent Company
Consolidated statement of financial position
As at 31 May 2022
Notes Unaudited Unaudited 30 Nov
31 May 2022 31 May 2021 2021
£000 £000 £000
Non-current assets
Property, plant and equipment 4,464 5,432 4,981
Intangible assets 21,389 21,912 21,728
Retirement benefit asset 6 - - -
Deferred tax assets 2,387 2,452 2,452
28,240 29,796 29,161
Current assets
Inventories 4,481 4,390 3,936
Trade and other receivables 10,586 11,316 11,156
Contract assets 6,701 6,738 5,244
Tax assets - 39 -
Cash and cash equivalents 4,201 3,488 4,641
25,969 25,971 24,977
Total assets 54,209 55,767 54,138
Current liabilities
Trade and other payables (10,966) (13,376) (10,902)
Contract liabilities (3,169) (2,448) (3,096)
Lease liabilities (494) (915) (816)
Tax liabilities (15) - -
Current provisions (517) (400) (487)
(15,161) (17,139) (15,301)
Non-current liabilities
Non-current provisions (1,037) (552) (921)
Lease liabilities (1,959) (2,168) (2,023)
Deferred tax liabilities (549) (548) (549)
(3,545) (3,268) (3,493)
Total liabilities (18,706) (20,407) (18,794)
Net assets 35,503 35,360 35,344
Equity attributable to equity holders of the Parent Company
Called up share capital 3,559 3,559 3,559
Share premium account 16,043 16,043 16,043
Merger reserve 9,971 9,971 9,971
Other reserves (1,436) (1,448) (1,436)
Currency translation reserve 783 780 772
Retained earnings 6,583 6,455 6,435
Total equity 35,503 35,360 35,344
Consolidated statement of changes in equity
For the six months ended 31 May 2022
Called up Share Currency
share premium Merger Other translation Retained Total
capital account reserve reserves reserve earnings £000
£000 £000 £000 £000 £000 £000
At 1 December 2020 3,559 16,043 9,971 (1,448) 919 7,987 37,031
Loss for the period - - - - - (497) (497)
Other comprehensive income
Currency translation adjustment - - - - (139) - (139)
Re-measurement loss on defined benefit pension scheme, net of tax (see note 6) - - - - - (1,073) (1,073)
Total other comprehensive loss - - - - (139) (1,073) (1,212)
Total comprehensive loss for the period (139) (1,570) (1,709)
Dividends paid - - - - - - -
Credit in relation to share-based payments - - - - - 38 38
Share scheme interests realised in the period - - - - - - -
At 31 May 2021 3,559 16,043 9,971 (1,448) 780 6,455 35,360
Profit for the period - - - - - 18 18
Other comprehensive income
Currency translation adjustment - - - - (8) - (8)
Total other comprehensive income - - - - (8) - (8)
Total comprehensive loss for the period - - - - (8) 18 10
Credit in relation to share-based payments - - - - - (26) (26)
Share scheme interests realised in the period - - - 12 - (12) -
At 30 November 2021 3,559 16,043 9,971 (1,436) 772 6,435 35,344
Profit for the period - - - - - 405 405
Other comprehensive income
Currency translation adjustment - - - - 11 - 11
Total other comprehensive income - - - - 11 - 11
Total comprehensive profit for the period - - - - 11 405 416
Dividends paid - - - - - (258) (258)
Credit in relation to share-based payments - - - - - 1 1
At 31 May 2022 3,559 16,043 9,971 (1,436) 783 6,583 35,503
Consolidated cash flow statement
For the six months ended 31 May 2022
Unaudited Unaudited
six months six months
ended ended
31 May 2022 31 May 2021
£000 £000
Cash flows from operating activities
Profit/(loss) for the period 405 (497)
Income tax expense/(credit) 80 (313)
Finance costs 40 39
Depreciation and amortisation charge 1,105 1,090
Loss/(profit) on disposal of non-current assets 22 (1)
Net foreign exchange differences (121) 134
Net movement in provisions 48 (1,349)
Share-based payment charge 1 38
Operating cash flows before movement in working capital 1,580 490
(Increase)/decrease in inventories (540) 350
Increase in trade, other and contract receivables (689) (1,107)
Increase/(decrease) in trade, other and contract payables 57 (1,010)
Cash generated from/(used in) operations 408 (2,626)
Tax received 28 224
Net cash from/(used in) operating activities 436 (2,402)
Cash flows from investing activities
Purchase of property, plant and equipment (51) (99)
Capitalised development costs (160) (265)
Purchased software (19) (89)
Net cash used in investing activities (230) (453)
Cash flows from financing activities
Lease payments (426) (551)
Dividends paid (258) -
Net cash used in financing activities (684) (551)
Effect of exchange rate changes on cash and cash equivalents 38 30
Net increase/(decrease) in cash and cash equivalents (440) (3,376)
Cash and cash equivalents at the beginning of the period 4,641 6,864
Cash and cash equivalents at the end of the period 4,201 3,488
Notes
For the six months ended 31 May 2022
1 General information
These condensed consolidated interim financial statements were approved by the
Board of Directors on 11 July 2022.
2 Basis of preparation
These consolidated interim financial statements of the Group are for the six
months ended 31 May 2022.
The comparative figures for the financial year ended 30 November 2021 are the
Group's statutory accounts for that financial year. Those statutory accounts
have been reported on by the Group's auditor and delivered to the Registrar of
Companies. The report of the auditor was (i) unqualified, (ii) did not include
a reference to any matters to which the auditor drew attention by way of
emphasis without qualifying its report and (iii) did not contain a statement
under section 498 of the Companies Act 2006.
The condensed consolidated interim financial statements for the six months to
31 May 2022 do not include all the information and disclosures required in the
annual financial statements and should be read in conjunction with the Group's
annual financial statements as at 30 November 2021.
The condensed consolidated interim financial statements for the six months to
31 May 2022 have not been audited or reviewed by an auditor pursuant to the
Auditing Practices Board guidance on Review of Interim Financial Information.
The condensed consolidated interim financial statements for the six months to
31 May 2022 have been prepared on the basis of the accounting policies
expected to be adopted by the Company for the year ending 30 November 2022.
The Group's latest annual financial statements for the year ended 30 November
2021 were prepared under IFRS in conformity with requirements of the Companies
Act 2006. These accounting policies are drawn up in accordance with UK adopted
International Accounting Standards, in accordance with the presentation,
recognition and measurement criteria of: International Accounting Standards in
conformity with the requirements of the Companies Act 2006, and the AIM Rules
for Companies.
Significant accounting policies
AIM-listed companies are not required to comply with IAS 34 'Interim Financial
Reporting' and accordingly the Company has taken advantage of this exemption.
3 Segmental analysis
Revenue by operating segment
Revenue Unaudited Unaudited
six months six months
ended ended
31 May 2022 31 May 2021
£000 £000
Systems 11,816 9,801
Security 11,804 13,106
Total segmental revenue 23,620 22,907
Reconciliation to consolidated revenue:
Intra-Group sales (855) (949)
22,765 21,958
Underlying operating result by operating segment
Underlying operating profit/(loss) Unaudited Unaudited
six months six months
ended ended
31 May 2022 31 May 2021
£000 £000
Systems 722 (482)
Security 575 497
Total segmental underlying operating profit 1,297 15
Reconciliation to consolidated underlying operating profit/(loss):
Central costs (772) (774)
525 (759)
Underlying operating profit from operations is reconciled to total profit from
operations as follows:
Unaudited Unaudited
six months six months
ended ended
31 May 2022 31 May 2021
£000 £000
Underlying operating profit/(loss) 525 (759)
Non-underlying items - (12)
525 (771)
4 Taxation
The tax charge of £80,000 (2021: £313,000 credit) for the period is based on
the estimated rate of corporation tax that is likely to be effective for the
year to 30 November 2022.
5 Dividends
The Board does not propose to pay an interim dividend (2021: £nil).
6 Retirement benefit asset
In 2020 the decision was taken by the Trustees of the scheme and approved by
the plc Board of Directors to secure a 'buy-out' for all remaining defined
benefit pension scheme liabilities, by an insurance company, and to wind up
the pension scheme. On 8 December 2020, the agreement with the insurance
company to buy out the liabilities was signed, and the actuarial valuation was
altered in line with IFRIC 14 (13). The economic benefit available as a refund
was measured including the costs to the plan of settling the plan liabilities
in this way. This resulted in a remeasurement loss of £1,073,000 recognised
in other comprehensive income in the comparative period.
7 Earnings per share
Earnings per share are as follows:
Unaudited Unaudited
six months six months
ended ended
31 May 2022 31 May 2021
Pence per share Pence per share
Basic earnings per share 2.4 (2.9)
Diluted earnings per share 2.4 (2.9)
The calculations of basic and underlying earnings per share are based upon:
Unaudited Unaudited
six months six months
ended ended
31 May 2022 31 May 2021
£000 £000
Earnings for basic and diluted earnings per share 405 (497)
Non-underlying items - 12
Impact of non-underlying items on tax expense for the period - (4)
Earnings for underlying basic and underlying diluted earnings per share 405 (489)
Unaudited Unaudited
six months six months
ended ended
31 May 2022 31 May 2021
000 000
Weighted average number of ordinary shares - basic calculation 16,886 16,889
Dilutive potential ordinary shares arising from share options - 32
Weighted average number of ordinary shares - diluted calculation 16,886 16,921
8 Availability of results
Copies of this statement are available on the Group's website
(www.synecticsplc.com) and will be available shortly from Synectics plc,
Synectics House, 3-4 Broadfield Close, Sheffield, England S8 0XN.
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