RNS: AGM Statement
Wednesday, 27 April 2016
Synectics (AIM: SNX), a leader in the design, integration, control and management of advanced surveillance technology and networked security systems, is holding its Annual General Meeting at 11.00am today, at which the Chairman, David Coghlan, will make the following statement.
"I am pleased to report that Synectics has had a strong start to the year in terms of major orders won. Important new contracts secured so far this financial year include:
- Multi-million pound projects to provide integrated surveillance solutions for a new casino resort in Macau, and a mega-resort in the Philippines;
- The provision of a surveillance system and explosion-protected camera stations for a large oil & gas project in Algeria;
- A system to protect the maintenance infrastructure for one of the world's top ten international passenger airlines within the ASEAN region;
- Provision of on-board surveillance for a new tram fleet in Germany, commencing in 2017;
- The design and installation of a complex integrated security and safety system for a new power station currently under construction in the UK; and
- A large and complex multi-site 'threat management solution' for one of the UK's biggest financial institutions.
"These contracts demonstrate Synectics' business model in action, covering our specialist sector activities in gaming, oil & gas, transport and infrastructure. In each of these sectors, the respective Synectics businesses are increasingly recognised as experts in their customers' specialist fields, offering customised systems based around our own Synergy 3 core command and control software platform.
"As a result of these sales successes, the Group's total order book has increased by over 28%, from £26.6 million at the end of our last financial year to £34.2 million as at 31 March 2016.
"Despite the growing order book, the timing of revenue earned on some of these contracts has been somewhat delayed, due in part to customer construction hold-ups and, consequently, results for the year are likely to be more than usually weighted towards the second half.
"Trading in the Group's oil & gas security systems sector continues to be relatively weak, but Synectics' competitive position in the current depressed market remains strong. Based on the Group's healthy order book and current pipeline of anticipated new business, the Board's expectations for results for the full year remain in line with market forecasts."
For further information, please contact:
Tel: +44 (0) 20 7601 6100
Tom Griffiths / Henry Willcocks
Tel: +44 (0) 20 7466 5000
Mark Court / Sophie Cowles / Jane Glover