Synectics plc (AIM: SNX), a leader in the design, integration and support of advanced security and surveillance systems, reports its unaudited interim results for the six months ended 31 May 2022 (“H1 2022”).

Headlines:

• Substantial profit turn-around against same period last year – profit before tax £0.5 million (H1 2021: £(0.8) million loss)
• H1 2022 revenue £22.8 million (H1 2021: £22.0 million)
• Diluted earnings per share 2.4p (H1 2021: (2.9)p loss)
• Order book as at 31 May 2022 solid at £29.6 million (31 May 2021: £30.3 million) with a strong pipeline of expected orders
• Net cash as at 31 May 2022 higher than expected at £4.2 million (31 May 2021: £3.5 million) with no bank debt and £3.0 million undrawn facility
• Strong gross margin performance in both operating divisions
• Activity levels in the Company’s major end-user markets generally continue to gather momentum
• The Board expects further improved results in the seasonally stronger second half of this financial year

Commenting on the results, Paul Webb, Chief Executive of Synectics said: “A strong team performance has delivered a substantial turnaround in profits despite challenges in the supply chain, and with some end markets still subdued. We expect this trajectory of revenue and profit growth to continue in the second half of this year and beyond.”

For further information, please contact:

Synectics plc
David Coghlan, Chairman
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 4050

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