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Synectics reports trading in-line underpinned by strong order book

24th Apr 2024 13:46

(Alliance News) - Synectics PLC on Wednesday reported a "strong start" to the financial year and "encouraging" signs in US markets after a challenging period.

Speaking ahead of Wednesday's annual general meeting Interim Chair Steve Coggins said the firm 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."

Trading is in line with market expectations, he stated, underpinned by a strong order book. He expects that full-year results will be second half weighted, as usual.

Coggins said 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 USD2.0 million," he added.

Two of these are new sites for existing customers and the third is for a new customer, he noted.

Shares in Synectics fell 3.7% to 180.50 pence in London on Wednesday.

By Jeremy Cutler, Alliance News reporter

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