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
Claire Stewart, Company Secretary
Tel: +44 (0) 114 280 2828

Shore Capital
Tom Griffiths / David Coaten / Rachel Goldstein
Tel: +44 (0) 207 408 4050

Vigo Consulting
Jeremy Garcia / Fiona Hetherington / Aisling Fitzgerald
Tel: +44 (0) 20 7390 0230