Better than expected profits forecast for security tech company

Security and surveillance technology business, Synectics, says it now expects its underlying pre-tax profits for FY 2024 to be materially ahead of market expectations.

Prior to this announcement, FY 2024 market expectations for the Sheffield-headquartered company were revenue of £52.9m and adjusted pre-tax profits of £3.5m.

In an update on trading for the year ending 30 November 2024, the firm notes trading in the third quarter of the year was positive, with continued momentum across its key markets.

A spokesman for Synectics added: “Order intake remains strong and recent contract wins have included a $1.2m contract for the installation of a new security and surveillance system at a casino resort in the Philippines, further contract wins with Saudi Aramco, and a strategically important order for the company’s first installation, of a new security and surveillance system for a casino resort, in Cambodia.

“The company continues to focus on further strengthening its already healthy FY 2025 order book.”