26th Feb 2019 11:19
LONDON (Alliance News) - Synectics PLC on Tuesday said its annual profit declined slightly as a result of one-off charges in its mobile systems business area.
For the financial year ended November 30, the surveillance technology and network security systems provider posted pretax profit of GBP2.1 million, down from GBP2.5 million a year ago. This was after non-cash non-underlying costs of GBP700,000 in mobile systems business area, the firm explained.
On an adjusted basis, pretax profit dipped to GBP2.9 million from GBP3.0 million.
Revenue meanwhile increased to GBP71.2 million from GBP70.1 million a year prior.
"A strong performance in the Gaming sector offset by weak performance in the UK bus market produced a satisfactory result overall," Chief Executive Officer Paul Webb said.
He added: "The pipeline of identified new business that the group expects to win and deliver in 2019 is strong, and we expect to benefit from growing momentum in certain market sectors. We are laying the foundations for an ambitious growth strategy that we believe will take the company to new levels over the coming years."
Synectics recommended a final dividend of 3.5 pence per share, up from 3.0p a year ago. This takes the company's annual payout to 4.7p per share from 4.0p last year.
Synectics shares were trading down 4.8% at 188.00p each on Tuesday.
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