Synectics plc (AIM: SNX), a leader in advanced security and surveillance systems, announces its audited final results for the year ended 30 November 2022.

Headlines¹

• Revenue: £39.1 million (2021: £36.6 million) 
• Continued turnaround of underlying operating profit² to £1.2 million (2021: £(0.5) million)
• Underlying earnings per share: 6.9p (2021: (2.6)p)
• Net cash at 30 November 2022: £4.3 million (2021: £4.6 million) with no bank debt³ and undrawn bank facilities of £3.0 million
• Order book at 30 November 2022 solid at £24.4 million (2021: £23.6 million) with a strong pipeline of expected orders
• Strong gross margin performance in both operating divisions
• Recommended final dividend of 2.0p per share (2021: 1.5p)

¹ Following the disposal of a non-core business in November 2022, all figures set out in this announcement reflect continuing operations unless otherwise stated. Further details of discontinued operations can be found in note 4.
² Underlying operating profit/(loss) represents profit/(loss) before tax, finance costs and non-underlying items; see note 5 for further details. 
³ Excluding IFRS 16 lease liabilities.

Commenting on the results, Paul Webb, Chief Executive of Synectics, said:
“The Company’s return to profitability and maintained strong cash position pay testimony to the underlying strength of the business and provide a robust platform for the future. With recovering markets, a sound order book and a strong pipeline of opportunities, the Board is confident of further profitable growth this year.”     
 
Craig Wilson, Non-executive Chair of Synectics, commented: 
“I see great potential in Synectics. It has a clearly defined role in the security technology market. I am committed to ensuring that our stakeholders better understand our strategic direction and the value we bring.”

For further information, please contact:
Synectics plc
Craig Wilson, Chair
Paul Webb, Chief Executive
Amanda Larnder, Finance Director 
Tel: +44 (0) 114 280 2828
www.synecticsplc.com
info@synecticsplc.com

Shore Capital
Tom Griffiths / David Coaten
Tel: +44 (0) 20 7408 4090

Media enquiries:    
Intelligent Conversation
Claire Evans    
email: claire@weareic.com
Tel: +44 (0) 161 694 3979