Synectics
plc
("Synectics" or the
"Company")
AGM
Statement
Synectics, a leader in advanced
security and surveillance systems, is holding its Annual General
Meeting ("AGM") today. At the meeting, Steve Coggins, Interim
Chair, will make the following statement:
"I am delighted to report that
Synectics continues to build on the positive performance delivered
last year and has seen a strong start to the current financial year
in both its Systems and Security divisions.
The Company has started the year
well, underpinned by a strong order book, and is trading in line
with market expectations for the year ending 30 November 2024 ("FY
2024"). As in prior years, the Board anticipates that results for
FY 2024 will be second half weighted.
The Company has continued to
strengthen its position in the oil and gas sector and is seeing
sustained demand from existing and new clients for refits and
refurbishments alongside new projects.
After a challenging period for the
gaming sector, the Company is now seeing encouraging signs
from the North
American market and has recently secured
three contracts for customers in Ontario, Omaha and Maryland, with
a combined value of $2.0 million to be delivered during FY 2024.
Two of these are new sites for existing customers and the third is
for a new customer. This will see the implementation of
the Company's proprietary software
platform, Synergy, across multiple smaller
sites. These contracts demonstrate the ongoing opportunities for
Synectics in both large and medium sized
casinos in North America,
alongside a strong market and pipeline in
Asia.
The Company's expertise and
reputation in critical infrastructure, public space and transport
continue to underpin its new business efforts, which are further
reflected in the recently announced contracts with National Grid
and another major UK utility provider, demonstrating continued
demand for its market leading solutions.
As announced on 9 April 2024, I will
step down as interim Chair and from the Board following the
conclusion of this meeting, ending a near 20-year association with
Synectics. It has been a privilege to be involved with the
Company, and I leave with pride. In my opinion, the Company is in
great shape, and has seen good progress in revenue, profits and
share price. The market opportunity is excellent and Synectics is
extremely well placed to grasp it. I wish my successor, Bob Holt,
every success, in what I believe will be a significant period of
growth for the Company."
For
further information, please contact:
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Synectics plc
Paul Webb, Chief Executive
Officer
Amanda Larnder, Chief Financial
Officer
info@synecticsplc.com
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Tel: +44
(0) 114 280 2828
www.synecticsplc.com
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Shore Capital
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Tel: +44
(0) 20 7408 4090
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Tom Griffiths / David Coaten /
Rachel Goldstein
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Vigo Consulting
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Tel: +44
(0) 20 7390 0230
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Jeremy Garcia / Fiona Hetherington /
Aisling Fitzgerald
synectics@vigoconsulting.com
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About Synectics plc
Synectics (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 are 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