RNS: Business Update
Tuesday, 27 April 2021
Synectics plc (AIM: SNX), a leader in the design, integration and support of advanced security and surveillance systems, provides the following update ahead of its Annual General Meeting (“AGM”) which is being held later this morning.
As reported last month with the release of the Company’s audited final results for the year ended 30 November 2020, trading in the new financial year so far has, as expected, carried on at similar levels to the last financial year. This reflects primarily the continued impact of global travel restrictions on casinos and gaming resorts in Asia-Pacific and the United States, which represent Synectics’ largest market sector for its security and surveillance systems.
Activity in public infrastructure and transportation in the UK and Europe continues to hold up relatively well. The Company’s major project for security command and control on the S-Bahn rail network in Berlin went live on 1 January 2021 as planned. Since then, the project has continued its roll-out across the network and delivery will be completed in this financial year, enabling the Company to move into the eight-year service and maintenance phase of its contract.
The Company announced on 7 April 2021 the award of a major contract by the City of London Corporation and City of London Police to provide the software command and control system for their Secure City programme, co-ordinating security management across several other transport and emergency response agencies.
This, being one of the world’s most advanced, cloud-based “smart city” surveillance projects, is expected to act as a key reference site for similar initiatives elsewhere, and is already generating interest.
Looking forward, there are some early signs of increased customer activity in the gaming sector, from which the Board expects some recovery in orders in the second half of this financial year.
The Group’s cash position remains solid, with net cash of £4.5 million at 23 April 2021 (26 February 2021: £4.5 million).
Synectics will announce its unaudited interim results on 13 July 2021 when the Board is planning to reinstate guidance on future trading.
For further information, please contact:
Paul Webb, Chief Executive
David Bedford, Finance Director
Tel: +44 (0) 114 280 2828
Tom Griffiths / Henry Willcocks / David Coaten
Tel: +44 (0) 20 7408 4050