RNS: AGM Statement
Thursday, 26 April 2018
Synectics plc (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.
“In the first four months of this financial year, the trends we see in the various end market sectors Synectics serves have remained largely as set out in last year’s Annual Report. The international Gaming surveillance sector, where we are market leaders, continues to be strong and is trading ahead of management’s expectations. There are also signs of growth in the UK public infrastructure market, where Synectics has won a number of new contracts and, we believe, is increasing its market share in the provision of electronic physical security for critical high profile sites.
“On the other hand, the UK bus and coach market has continued to decline, reducing our revenues for security in that sector.
“In the Oil & Gas market, there are now signs of renewed commitment to capital investment by certain producers, an area which has been severely depressed since 2014. This will still take some time to filter through to orders for Synectics’ market-leading specialist security solutions, but we are increasingly optimistic for future growth in this area.
“As set out in our last Annual Report, the Board has sanctioned an increase in spending on research & development in the current year to accelerate the development of our core software base. Good progress is being made and we remain committed to investing further to take advantage of the exciting product base and market positions the Group has built.
“Based on Synectics’ current order book and pipeline of anticipated new business, the Board expects that the Company will announce full year results in line with market expectations."
For further information, please contact:
David Coghlan, Chairman
Paul Webb, Chief Executive
Mike Stilwell, Finance Director
Tel: +44 (0) 1527 850 080
Stockdale Securities Limited
Tom Griffiths / Henry Willcocks
Tel: +44 (0) 20 7601 6100
For further media information, please contact
Tel: + 44 (0) 161 212 1613