Security firm announces 50% rise in EBITDA

Advanced security and surveillance firm Synetics exceeded market expectations with full-year EBITDA of £4.8m, up from £3.2m, as revenues rose 26% to £49.1m.

The firm ended its year with £4.6m cash reserves and no bank debt, and announced a 50% increase in dividends to 3p per share.

The firm said it expected continued momentum into 2024, with a solid order book and significant contract wins across all sectors. It said its core markets – gaming, oil and gas, public spaces and critical infrastructure – offered significant growth opportunities.

Continuing investment in its Synergy software platform saw the release of sector-specific and AI-powered features.

Chief executive Paul Webb said, “Synectics delivered a strong performance in FY 2023 and, operating in strong and growing specialist markets, the board is confident that the Company will continue to deliver further progress in this year and beyond.

“Synectics has built a very strong reputation and is a trusted brand that counts many high-profile businesses among its customers.

“In the year to date, the company has seen continued sales momentum, driven by a robust order book and a strong pipeline of new business opportunities, underpinning the board’s confidence in the company’s outlook for the medium term.”