RNS: AGM Statement
Thursday, 25 April 2019
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:-
“The current financial year has shown a continuation of the trends in Synectics’ markets as described in the Company’s recent Annual Report. The global gaming security and surveillance sector continues to perform strongly, but new business in other sectors has been generally quite subdued.
“In the UK, in particular, since the beginning of March 2019, Synectics has experienced a pattern of order deferrals and, in some cases, customer-led delays in the progress of existing contracts, which we believe is at least partly down to uncertainties related to the Brexit situation. The effect of these recent deferrals and delays is that profits will be substantially more weighted to the second half of this financial year than originally budgeted. Although management still anticipates that results for the full year will be in line with market expectations, the second half weighting now envisaged has inevitably increased delivery timing risks.
“The overall pipeline of expected new business remains strong and we anticipate being able to announce some important strategic contract wins in the coming months.”
For further information, please contact:
David Coghlan, Chairman
Paul Webb, Chief Executive
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