Synectics back in the black as it’s further boosted by new casino contract

WARWICKSHIRE security group Synectics has been awarded a multi-million pound contract to supply a surveillance system into a  new casino resort that is under construction in the Philippines.
 
The system, which is designed around Synectics’ Synergy 3 command and control platform, will monitor and record high-definition video from over 5,000 IP cameras covering the 100-acre mega-resort in Manila.
 
The announcement came as the Studley company revealed a 6% increase in annual revenues.

Speaking in the latest contract win, Synectics chief executive Paul Webb said: “This is another significant contract win for Synectics which underlines the strength of our credentials in Asia, and highlights our position as the preferred choice of the premier gaming operators in the region.”
 
For the year to November 30, 2015, the company’s consolidated revenue grew by 6% to £68.5m (2014: £64.6m).  The group made an underlying profit of £1.6m (2014: loss of £2.4m).  

After charging £1m (2014: £1.4m) for exceptional restructuring and other non-underlying costs, the consolidated pre-tax profit for the year was £0.5m (2014: loss of £3.7m). Underlying diluted earnings per share were 8p (2014: loss per share of 14p).

David Coghlan, chairman said: “In last year’s Annual Report, I stated that Synectics was expecting to generate substantial positive cash flow during 2015, as exceptionally high working capital balances caused by project delays in 2014 were unwound.  I am pleased to report that this was achieved.”

The company has said volatility in the oil and gas sector made predictions for 2016 difficult.

However, it said the gaming sector appeared well positioned for a good year, especially in the second half.

“For Synectics as a whole, the board is looking forward to a year of continued progress, though subject in some areas to an abnormally uncertain macroeconomic environment,” he added.

The group has also confirmed the appointment of Michael Butler as a Non-Executive Director of the company with immediate effect.