SNS boost for Synectics
SYNECTICS Network Systems, a provider of specialist video-based electronic surveillance systems, enjoyed a strong performance in 2012 with revenue and profits both up.
Co-located with the Synectics Technology Centre, which provides R&D, products and systems expertise to each of the other divisions within Synectics, revenue reached £17.8m (2011: £16.2m) and operating profit was £4.8m (2011: £3.8m).
The division benefitted from continued strength in the US gaming market, particularly in the first half, and from solid growth within most of its core customer sectors in the UK and the Middle East.
SNS is beginning to open up substantial opportunities for further growth in the Far East. Following significant business and sales activity generated in the region last year, the group has opened a new operating hub for Synectics in Singapore.
“We are close to finalising an important contract for this new Singapore subsidiary and expect to report on further developments shortly,” it said.
Warwickshire-based security and surveillance group Synectics, the parent of SNS, is predicting a strong year building on a solid performance during 2012 which saw underlying pre-tax profits rocket 61%.
The company, formerly Quadnetics, is a leader in the design, integration, control and management of advanced surveillance technology and networked security systems.
For the year ended November 30, 2012, consolidated revenue grew by 12% to £77m (2011: £69.1m), with underlying pre-tax profit £5.7m. Underlying operating margin was 7.4% (2011: 5.1%), while underlying diluted earnings per share increased by 56% to 25.2p (2011: 16.2p).
Group pre-tax profit was £4.7m (2011: £2.5m), after exceptional and non-underlying items totalling £0.9m (2011: £1m). These comprised mainly costs on the disposal of the group’s defence activities, and a net gain of £0.3m from adjustments to the deferred consideration estimate and carrying value of the group’s German subsidiary, Indanet.
