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(Sharecast News) - Security and surveillance systems specialist Synectics upgraded its expectations for the financial year just ended in a trading update on Monday.
The AIM-traded company said its 2023 results would significantly surpass market expectations, primarily due to robust trading performance in the second half, particularly within the oil and gas sector.
Additionally, Synectics said it closed the year ended 30 November with a substantial order book valued at £28.6m, up from £24.4m a year earlier.
The strong order book gave the board ongoing confidence in its outlook for the 2024 financial year.
Regarding financial stability, Synectics reported a net cash balance of £4.6m as of 30 November, up from £4.3m at the end of the 2022 financial year.
Additionally, the company has undrawn bank facilities totalling £3m.
"The company remains focused on the delivery of specialist surveillance systems - including a flexible, open-architecture software platform and specialist hardware to meet exacting requirements in challenging environments - to targeted specialist markets, including gaming, oil and gas, and public space," the Synectics board said in its statement.
Synectics said it would announce audited results for the 2023 financial year in late February.
At 1329 GMT, shares in Synectics were up 28.9% at 135.5p.
Reporting by Josh White for Sharecast.com.
