Security firm gives upbeat update for first half

Synectics has revealed a 62% growth in underlying pre-tax profits to £0.7m in the six month to the end of May.

The Sheffield security and surveillance specialist also showed a 14% growth in revenue, to £22m, in a trading update to the London Stock Exchange this morning.

The firm said its results were underpinned by strong growth in the oil and gas sector, with modest progress in other markets, and said that based on its order book it expected significantly improved growth in the second half.

Paul Webb, chief executive of Synectics, said, “Synectics has now had four consecutive periods of progress in revenue and profits and is confident of delivering further progress in H2 2023. Operating in markets that are strong and recovering, the Company has solid long-term growth potential, from a sound platform. The board expects the company’s results for the year ending 30 November 2023 to be in line with market expectations, despite being weighted to the seasonally stronger H2.”

Recently appointed chair Craig Wilson added, “After conducting a comprehensive business review, it is evident that Synectics possesses excellent technology in thriving global markets, including oil and gas, gaming, and public safety, which are experiencing renewed growth. With a robust financial position and a clear strategic direction, it is now all about execution.”

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