Strong six months for Synectics

WARWICKSHIRE-based security and surveillance group Synectics has seen profit before tax nearly double for the six months to May 31.

The Studley firm reported profit before tax of £3.6m, a 92% increase on the corresponding period last year (2012: £1.7m).

Revenue was also up at £40.7m (2012: £38.4m).

Synectics reports that it has an order book of £34.8m, slightly down on November 30th’s figure of £36.9m.

Chief executive John Shepherd said: “During the first half of 2013 we achieved a series of strategically significant goals which augur well for continued profitable growth of the group.
 
“In January we won a contract to protect the world’s largest gas-to-liquids plant in Qatar; in February we won a major contract with Avon and Somerset Police and acquired full control of Indanet in Germany; in March we won a very large system contract for a major client in Singapore and our first CCTV control room outsourcing project with Luton Borough Council; in May we secured a three year maintenance contract with Stagecoach and in June we acquired Coex Services Asia Pte Ltd in Singapore.
 
“We have also further integrated the group’s operations into two focused divisions – ‘Systems’ and ‘Integration & Managed Services’ with the aim of creating a more effective and scalable business.
 
“The pace of positive change is increasing and this is reflected in the improved sales, profit and margins.  I expect this momentum to continue in the second half.”

Yesterday the firm announced that it has won a contract worth more than £2.5m for security systems for a large liquid natural gas project in Australia.

The contract, most of which will be delivered in the current financial year, was won by the firm’s subsidiary Synectics Systems Group.