29th Sep 2020 11:26
Synectics PLC - Sheffield-based surveillance systems provider - Says casinos and gaming particularly hurt by pandemic. Trading in other areas has been "largely" in line with previous internal expectations. Expects revenue and underlying results for second half of year to November 30 to be lower than the first.
"The company had expected that easing of travel restrictions and the re-opening in early summer of casinos in the US and Asia would result in some recovery during the second half of this year. However, it has become increasingly evident that the vast majority of planned surveillance system projects and upgrades in this sector will now be delayed beyond 2020," Synectics says. "Given the increased uncertainty in the timing of market recovery from Covid impacts, management's forecasts and plans are now based on the assumption that demand in affected sectors will remain weak for some time to come".
Current stock price: 107.16 pence, down 18% on day
Year-to-date change: down 30%
By Eric Cunha; [email protected]
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