Synectics PLC AGM Statement (6039X)
April 27 2023 - 2:00AM
UK Regulatory
TIDMSNX
RNS Number : 6039X
Synectics PLC
27 April 2023
RNS 27 April 2023
Synectics plc
("Synectics" or the "Company")
AGM Statement
At its Annual General Meeting ("AGM") which is being held later
this morning, Craig Wilson, Chair of Synectics plc (AIM: SNX), a
leader in advanced security and surveillance systems, will make the
following statement:
" Trading in the first quarter of this financial year ("FY2023")
has been in line with the Board's expectations and forecasts for
the year remain unchanged.
The Systems division has begun FY2023 slightly ahead of the
Board's expectations, mainly as a result of strong performance in
the oil & gas sector which is expected to continue.
While the Security division has seen a slow start to the
financial year, it has a number of exciting project opportunities
that are expected to be realised during FY2023.
Activity in the oil & gas sector has been particularly
strong, and in addition to the significant contract win announced
on 13 April 2023, a number of other valuable projects have been
secured for the Company's specialist COEX(TM) camera stations.
Project delivery cycles in the oil & gas sector tend to be
longer due to the manufacturing cycle, so most of this revenue will
be realised in the second half of FY2023.
The current pipeline of oil & gas opportunities extends well
into 2024, and the Company has already begun gearing up supply
chain and production capacity in line with expected increased
demand later in this year and beyond.
In the gaming sector globally, whilst interest and activity
levels continue to increase, expected projects and orders are still
experiencing delays. Other markets continue to perform in line with
the Board's expectations.
The Company's consolidated order book is now significantly ahead
of that at 30 November 2022 and its balance sheet remains strong
with net cash slightly ahead of the position at the Company's year
end. The Company's cash position is now projected to be stronger at
31 May 2023 than previously expected despite planned and well
managed increased levels of working capital.
These trends underpin the Board's continued expectations for a
solid improvement in trading results this year, but as highlighted
on 22 February 2023 in the announcement of the Company's audited
final results for the year ended 30 November 2022, timing of
projects coupled with longer lead-times mean that results for
FY2023 are now anticipated to be more heavily weighted to the
second half of the year than previously expected."
A further update on current trading and prospects will be given
in June 2023 following the end of the first half of FY2023.
For further information, please contact:
S ynectics plc Tel: +44 (0) 114 280 2828
Craig Wilson, Chair www.synecticsplc.com
Paul Webb, Chief Executive
Amanda Larnder, Finance
Director
email: info@synecticsplc.com
Shore Capital Tel: +44 (0) 20 7408 4090
Tom Griffiths / David Coaten
About Synectics plc
Synectics plc (AIM: SNX) is a leader in advanced security and
surveillance systems that help protect people, property,
communities, and assets around the world.
The Company's expertise is in providing solutions for specific
markets where security and surveillance is critical to operations.
These include gaming, oil and gas, public space, transport, and
critical infrastructure.
Synectics has deep industry experience in these markets and
works closely with customers to deliver solutions that are tailored
to meet their needs. Technical excellence, combined with decades of
experience and long-standing customer relationships, provides
fundamental differentiation from mainstream suppliers and makes the
company a stand-out in its field.
Find out more at www.synecticsplc.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
AGMBLGDSSUDDGXL
(END) Dow Jones Newswires
April 27, 2023 02:00 ET (06:00 GMT)
Synectics (LSE:SNX)
Historical Stock Chart
From Apr 2024 to May 2024
Synectics (LSE:SNX)
Historical Stock Chart
From May 2023 to May 2024