Surveillance business back in the black
SHEFFIELD-BASED surveillance business Synectics is back in the black following multi-million pound contract wins in the Philippines, Macau and Las Vegas.
Revenues marginally decreased to £32.1m from £32.6m the year before, but the company made £200,000 in pre-tax profits, up from last year’s £100,000 loss.
The turnaround has been aided by multi-million pound project wins in exotic casino resort locations in macau, a mega-resort in the Philippines and a Las Vegas casino with more than 5,000 video channels.
Synectics (formerly Quadnetics) has also secured contract wins with transport group Go-Ahead and UK rail infrastructure projects.
Over the past few years, Synectics’ profitability has been hampered by the decline in the oil and gas industry, where normally its revenues are derived from.
The company does not expect further decline in the sector, and has won contracts in the first half of the year including two major North African projects, a significant expansion programme for a Middle Eastern gas field and an LNG terminal in North America.
Paul Webb, chief executive, said: “We have delivered a substantial increase in our order books across the business, laying the foundations for a strong second half, and have built a highly capable team with the clear sense of purpose to lead and deliver both solid performance and future growth.”
