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RNS Number : 4363J Synectics PLC 13 December 2022
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RNS 13 December 2022
Synectics plc
("Synectics" or the "Company")
Trading Update
Synectics plc (AIM: SNX), a leader in the design, integration and support of
advanced security and surveillance systems, provides the following trading
update for its financial year ended 30 November 2022 ("FY2022").
Trading has continued in line with the Board's expectations as set out in the
Company's interim results announcement of 12 July 2022. Second half profit is
expected to be higher than in the first half, resulting in an underlying
profit for the full year being slightly ahead of market expectations.
Due primarily to travel restrictions continuing to be imposed due to China's
response to Covid-19, trading remains challenging in casinos and gaming
resorts in Asia, one of the Company's core markets, where closures or reduced
revenues have resulted in planned surveillance projects being postponed.
Nevertheless, in the last few weeks, the Company has been awarded a contract
to provide the surveillance system for a large new-build casino resort in the
Philippines, which is expected to be delivered next year. Further details of
this project will be announced in the New Year once the detailed contract
scope has been finalised.
As expected, activity levels in the Oil & Gas market continued to gather
momentum in the second half of the year, with a strong trading performance and
a solid pipeline of expected orders in 2023.
In other markets, client-side delays combined with extended lead times has
meant that trading, while still on a clear recovery path, was slightly weaker
than forecast.
The well-documented difficulties with global supply chains and input price
inflation continue to be effectively managed by the Company, with gross
margins holding up well and trading not being materially affected.
The Group's cash balance as at 30 November 2022 was £4.1 million (31 May
2022: £4.2 million, 30 November 2021: £4.6 million), with undrawn bank
facilities of £3.0 million.
For further information, please contact:
Synectics plc Tel: +44 (0) 114 280 2828
Paul Webb, Chief Executive
Amanda Larnder, Finance Director
email: info@synecticsplc.com (mailto:info@synecticsplc.com) www.synecticsplc.com
Shore Capital Tel: +44 (0) 20 7408 4050
Tom Griffiths / David Coaten
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 Company'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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