Synectics secures profit hike
SECURITY group Synectics – formerly Quadnetics – has seen a hike in both turnover and profits.
The firm, a leader in the design, integration and control of advanced surveillance technology and networked security systems, reported turnover of £38.4m for the six months to May 31 (2011: £34 m). Underlying profits were £2.8m (2011: £1.8 m).
Synectics, which has operations in Sheffield, has also revealed that it has a record order book of £40.6m (November 2011 £35.9m; May 2011: £26.1m).
Chief executive John Shepherd said: “This is another strong set of results which reflect the continuation of the momentum generated in 2011. We continue to see significant global demand for our advanced electronic security systems resulting in major contract wins and record order book levels.
“After careful consideration we have changed the name of the Group to Synectics plc to simplify our brand structure and to take advantage of our brand with the greatest global customer recognition.
“The integration of our German acquisition Indanet continues on plan with significant investment in new product R&D and international sales and marketing resource. We continue to win major contracts with existing and new German transport customers and are now marketing the full Synectics systems capability widely in Europe.
“This excellent first half year gives us increasing confidence in our ability to deliver full year results in line with expectations.”
