Gaming sector progress strengthens results at listed Sheffield firm

Sheffiueld-headquartered Synectics, a leader in the design, integration, control and management of advanced surveillance technology and networked security systems,  has seen revenue rise to £34.7m in a period it made progress in gaming overseas. 

Reporting on the six months to May 31, the firm saw pre-tax profits move to £1.5m, up from £1.3m in same period in 2017. Revenues rose to £34.7m from £33.7m.

Paul Webb, Chief Executive of Synectics, said: “These solid interim results were underpinned by a very strong performance in the gaming sector.  We expect that the results for the full year will be in line with market expectations.

“Building on our 30 years of customer-driven innovation, we continue to adjust our product and business development activities towards the emerging needs and opportunities we see in both our established and developing market segments.”

Synetics said its revenues and profit contribution from global gaming surveillance systems grew significantly in both the United States and Asia.  In addition, at the end of the half, Synectics’ Gaming business received a notable order valued at around US$5m for a new resort and casino development in Boston, USA.

In the High Security sector, a number of new contract awards strengthened Synectics’ position in security systems for very high profile or sensitive sites in the UK.

The recent contract to enhance security provisions at a prestigious high-profile landmark in central London joins projects for Westminster Abbey, British Museum, Victoria & Albert Museum, a major utilities operator, nuclear installations, financial institutions and other high security premises.

However, the UK bus and coach market, where the listed firm has a strong footprint, remained weak, with new UK vehicle registrations down significantly on last year.  This was reflected in a lower contribution from Synectics’ on-bus surveillance systems activities.

Synetics said: “We did make progress in tram and light rail, in particular with the award of a strategic €1m light rail project in Munich, and anticipate that the equipment manufacturer relationship strengthened through this project will lead on to important new business in the future.”