RNS: Interim Results for the Six Months Ended 31 May 2020
Tuesday, 14 July 2020
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 2020.
- Substantial impact from Covid-19 on our customers’ operations, especially in the gaming sector
- Revenue £23.0 million (2019: £33.6 million)
- Underlying loss before tax1 £(2.0) million (2019: profit £1.2 million)
- Loss before tax £(2.3) million (2019: profit £1.2 million)
- Order book £26.1 million (2019: £25.9 million)
- Net cash as at 31 May 2020 of £4.6 million (30 Nov 2019: £3.6 million)
- Actions taken to reduce costs and re-focus operations around customer requirements, with four operational sites due to be closed by the end of the year.
- Board expects a noticeably improved underlying trading result in second half
1Underlying profit represents profit before tax and non-underlying items (which comprise amortisation of acquired intangibles and restructuring costs incurred in respect of the consolidation of the Group’s head office from Studley to the existing premises in Sheffield)
Commenting on the results, Paul Webb, Chief Executive, said:
“Whilst results this year will be significantly affected by the impact of Covid-19, our relatively strong financial position has allowed us to re-structure our Integration businesses and to continue our investment in Technology development.
This investment is opening a range of future opportunities for Synectics in software applications for enterprise-level operational security management systems.
Our approach puts us in position to take advantage of these opportunities as they arise, and to support our customers as they emerge from their individual pandemic scenarios.”
For further information, please contact:
David Coghlan, Chairman
Paul Webb, Chief Executive
David Bedford, Finance Director
Tel: +44 (0) 114 280 2828
Tom Griffiths / Henry Willcocks
Tel: +44 (0) 20 7408 4050
Tel: +44 (0) 161 212 1613