Security and surveillance business is back in profit
Synectics, which provides advanced security and surveillance systems, is celebrating a return to profit in its audited final results for the year ended 30 November 2022.
It has reported a continued turnaround of underlying operating profit to £1.2m (2021: £0.5m loss), a pre-tax profit from continuing operations of £1m (2021: £558,000 loss) and revenues of £39.1m (2021: £36.6m).
The Sheffield-based company’s order book as of 30 November 2022 was worth £24.4m (2021: £23.6m) with a strong pipeline of expected orders.
Paul Webb, chief executive, said: “The company’s return to profitability and maintained strong cash position pay testimony to the underlying strength of the business and provide a robust platform for the future.
“With recovering markets, a sound order book and a strong pipeline of opportunities, the Board is confident of further profitable growth this year.”
Craig Wilson, non-executive chair, added: “I see great potential in Synectics. It has a clearly defined role in the security technology market. I am committed to ensuring our stakeholders better understand our strategic direction and the value we bring.”
During the 2022 financial year, Synectics spent a total of £3.2m on technology development (2021: £3.4m).
The business notes it is benefiting from the tighter operating footprint established over the last few years, with its sales and marketing efforts focused on sectors offering the best opportunities for recovery.
Synectics says supply chain problems have so far not had a material impact on the business and continue to be well managed.
But its update cautions: “Concerns remain, however, that global supply constraints remain real, particularly concerning extended lead-times and limited component availability.”
