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 2021.

Headlines:

• Substantial continuing impact from Covid-19 on customers’ operations, especially in the gaming sector
• Major successes for latest Synergy product in Berlin delivery and new City of London and West Midlands contracts
• Revenue £22.0 million (2020: £23.0 million)
• Underlying loss before tax¹ reduced substantially to £(0.8) million (2020: £(2.0) million)
• Loss before tax £(0.8) million (2020: £(2.3) million)
• Order book as at 31 May 2021 up 19% to £30.3 million since year end (30 November 2020: £25.4 million, 31 May 2020: £26.1 million)
• Net cash as at 31 May 2021 £3.5 million (31 May 2020: £4.6 million) with no bank debt
• Cost reduction actions taken in 2020 delivered expected savings
• Company expects to trade profitably in the second half of the year

¹Underlying profit represents profit before tax and non-underlying items (which comprise amortisation of acquired intangibles, and restructuring costs in 2020).

Commenting on the results, Paul Webb, Chief Executive, said:

“Trading in the first half of the year was as expected, with significantly reduced operating losses, and major successes for the latest Synergy product. We expect that the Group will trade profitably in the second half of this financial year.”

For further information, please contact:

Synectics plc
David Coghlan, Chairman
Paul Webb, Chief Executive
David Bedford, Finance Director
Tel: +44 (0) 114 280 2828
www.synecticsplc.com
info@synecticsplc.com

Shore Capital
Tom Griffiths / Henry Willcocks / David Coaten
Tel: +44 (0) 20 7408 4050

Media enquiries:
Intelligent Conversation
Claire Evans
Tel: +44 (0) 161 212 1613
claire@weareic.com