Bulging order book for security technology company

Sheffield-headquartered security and surveillance specialist, Synectics, says it has enjoyed a strong start to the current financial year in both its Systems and Security divisions.

Commenting today in his Annual General Meeting statement, Steve Coggins, interim chair, said the firm has a strong order book and anticipates its results for FY 2024 will be second half weighted. 

The business has continued to strengthen its position in the oil and gas sector and says it is seeing sustained demand from existing and new clients for refits and refurbishments alongside new projects.

Coggins added: “After a challenging period for the gaming sector, the company is now seeing encouraging signs from the North American market and has recently secured three contracts for customers in Ontario, Omaha and Maryland, with a combined value of $2m to be delivered during FY 2024.

“Two of these are new sites for existing customers and the third is for a new customer.

“This will see the implementation of the company’s proprietary software platform, Synergy, across multiple smaller sites.

“These contracts demonstrate the ongoing opportunities for Synectics in both large and medium sized casinos in North America, alongside a strong market and pipeline in Asia.”

Coggins is stepping down as interim chair and from the Board, ending a near 20-year association with Synectics. 

He said: “It has been a privilege to be involved with the company, and I leave with pride. In my opinion, the company is in great shape, and has seen good progress in revenue, profits and share price.

“The market opportunity is excellent and Synectics is extremely well placed to grasp it.”