Profits and revenues climb at security and surveillance technology company
Security and surveillance technology business, Synectics, says it has enjoyed positive momentum in all its key markets as the Sheffield-headquartered firm issues its final results for the year ended 30 November 2024.
Revenues climbed by 13.6% to £55.8m (FY23: £49.1m), with total pre-tax profits rising to £4.2m (FY23: £2.7m).
The business also reported a record cash balance as of 30 November 2024 of £9.6m with no bank debt (30 November 2023: £4.6m, no bank debt).
Amanda Larnder, chief executive officer and chief financial officer, said: “I am immensely proud of our strong performance in FY24 and the positive momentum we have built heading into FY25, which is backed by a robust order book.
“During FY25, we are investing in strategic initiatives across our products, operations, and in strengthening customer and partner relationships to ensure sustainable growth in future years.
“We are confident our commitment to delivering operational excellence combined with our innovative offerings position us to be a trusted leader in our chosen markets, enabling us to seize new and exciting business opportunities.”
Synectics said its order book as of 30 November 2024 was worth £38.5m (30 November 2023: £29.2m), noting that this has been boosted by consistent contract wins across all of the group’s sectors which has continued into FY25.
The business points to continued success with securing contracts, including material Gaming awards unveiled in the US and South-East Asia worth an aggregate $4.9m/£3.9m.
Synectics says it has strengthened its sales organisation, investing in resources to target key sectors, including North American gaming, tribal gaming (casinos located on reservation land), UK transport and infrastructure and international business development.
The company adds it has identified promising growth potential in new markets and geographies such as the United Arab Emirates, Infrastructure in North America and Asia, global datacentres, and renewable energy.
