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RNS: AGM Statement

Wednesday, 20 April 2022

At its Annual General Meeting ("AGM") which is being held later this morning, David Coghlan, the Chairman of Synectics plc (AIM: SNX), a leader in the design, integration and support of advanced security and surveillance systems, will make the following statement:

“Synectics’ trading in the first quarter of the new financial year was in line with the Board’s expectations.

The Systems division has begun the financial year slightly ahead of the Board’s expectations, mainly as a result of an improved contribution from public space and infrastructure security systems in the UK, including the National Grid contract which was announced recently, and also encouraging progress in global Oil & Gas markets.

While the Security division has had a slower start to the financial year, with several projects experiencing client-driven delays, these are expected to be recovered later this financial year.

The Company’s consolidated order book as at 31 March 2022 was approximately £29.0 million (30 November 2021: £28.4 million) and the Group’s balance sheet remains strong with net cash of approximately £3.9 million at 31 March 2022 (30 November 2021: £4.6 million).

Activity in Synectics’ main regional markets has continued the pattern shown in the second half of the last financial year with continued modest recovery in the UK and Europe, the pipeline of expected orders in North America progressing steadily, and Asian markets remaining subdued, but with some evidence that these look likely to turn by early next year.

These trends underpin the Board’s continued expectations for a solid improvement in trading results across this year, particularly in the second half.”

A further update on current trading and prospects will be given in June 2022 following the end of the Company’s first half year.

For further information, please contact:

Synectics plc
David Coghlan, Chairman
Paul Webb, Chief Executive
David Bedford, 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 4050

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

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