Last checked at 24 Apr 2024 07:00
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Synectics plc
("Synectics" or the "Company")
AGM Statement
Synectics, a leader in advanced security and surveillance systems, is holding its Annual General Meeting ("AGM") today. At the meeting, Steve Coggins, Interim Chair, will make the following statement:
"I am delighted to report that Synectics continues to build on the positive performance delivered last year and has seen a strong start to the current financial year in both its Systems and Security divisions.
The Company has started the year well, underpinned by a strong order book, and is trading in line with market expectations for the year ending 30 November 2024 ("FY 2024"). As in prior years, the Board anticipates that results for FY 2024 will be second half weighted.
The Company has continued to strengthen its position in the oil and gas sector and is seeing sustained demand from existing and new clients for refits and refurbishments alongside new projects.
After a challenging period for the gaming sector, the Company is now seeing encouraging signs from the North American market and has recently secured three contracts for customers in Ontario, Omaha and Maryland, with a combined value of $2.0 million to be delivered during FY 2024. Two of these are new sites for existing customers and the third is for a new customer. This will see the implementation of the Company's proprietary software platform, Synergy, across multiple smaller sites. These contracts demonstrate the ongoing opportunities for Synectics in both large and medium sized casinos in North America, alongside a strong market and pipeline in Asia.
The Company's expertise and reputation in critical infrastructure, public space and transport continue to underpin its new business efforts, which are further reflected in the recently announced contracts with National Grid and another major UK utility provider, demonstrating continued demand for its market leading solutions.
As announced on 9 April 2024, I will step down as interim Chair and from the Board following the conclusion of this meeting, ending a near 20-year association with Synectics. It has been a privilege to be involved with the Company, and I leave with pride. In my opinion, the Company is in great shape, and has seen good progress in revenue, profits and share price. The market opportunity is excellent and Synectics is extremely well placed to grasp it. I wish my successor, Bob Holt, every success, in what I believe will be a significant period of growth for the Company."
For further information, please contact:
Synectics plc Paul Webb, Chief Executive Officer Amanda Larnder, Chief Financial Officer info@synecticsplc.com | Tel: +44 (0) 114 280 2828 www.synecticsplc.com |
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Shore Capital | Tel: +44 (0) 20 7408 4090 |
Tom Griffiths / David Coaten / Rachel Goldstein | |
Vigo Consulting | Tel: +44 (0) 20 7390 0230 |
Jeremy Garcia / Fiona Hetherington / Aisling Fitzgerald synectics@vigoconsulting.com |
About Synectics plc
Synectics (AIM: SNX) is a leader in advanced security and surveillance systems that help protect people, property, communities, and assets around the world.
The Company's expertise is in providing solutions for specific markets where security and surveillance are critical to operations. These include gaming, oil and gas, public space, transport, and critical infrastructure.
Synectics has deep industry experience in these markets and works closely with customers to deliver solutions that are tailored to meet their needs. Technical excellence, combined with decades of experience and long-standing customer relationships, provides fundamental differentiation from mainstream suppliers and makes the Company a stand-out in its field.
Find out more at www.synecticsplc.com