Financial woes continue at Synectics
WARWICKSHIRE-based security and surveillance group Synectics has issued a poor set of annual results, announcing a loss before tax of £3.7m and a plunge in revenue of around £18m.
In December the Studley firm announced it was to shed 10% of its UK-based workforce after seeing a marked decline in revenues.
The picture painted in today’s announcement of its final results for the year ended November 30 is just as gloomy.
Revenue for the 12 month period was £64.6m compared to £82.4m in 2013 and the firm announced a loss before tax of £3.7m compared to a profit of £6.6m the previous year.
Net debt was £6.1m (2013: net cash £1.2m).
Better news was that the year end order book was up slightly at £28.6m (2013: £28.1m) and the firm’s cost base has been restructured to generate savings of £2.2m per annum.
The firm has also launched its new Synergy 3 command and control software platform and opened an operations centre in North Lincolnshire.
Synectics’ chairman David Coghlan said: “Although the impact of the decline in the global oil & gas market last year was not foreseen, Synectics has fully addressed those issues within its control that contributed to the poor financial performance in 2014.
“With a leaner cost base, strengthened order books in early 2015, and under the leadership of new chief executive Paul Webb, we expect the group to deliver significantly improved results in the current financial year.”
