Oil and gas market fuels better than expected forecast for security tech firm
A Sheffield-headquartered security and surveillance specialist expects its results for FY 2023 to be “materially ahead of market expectations”, reflecting strong trading in the second half, particularly in the oil and gas market.
In an update on trading for the year ended 30 November 2023, Synectics also says it ended FY 2023 with a strong order book, totalling £28.6m (30 November 2022: £24.4m) providing it with continued confidence for the year ending 30 November 2024.
Net cash at 30 November 2023 was £4.6m (30 November 2022: £4.3m) with undrawn bank facilities of £3m.
A spokesman for the firm added: “The company remains focused on the delivery of specialist surveillance systems – including a flexible, open-architecture software platform and specialist hardware to meet exacting requirements in challenging environments – to targeted specialist markets, including gaming, oil and gas, and public space.”
Synectics says it expects to publish its audited results for FY 2023 in late February 2024.
