9th Dec 2024 14:30
(Alliance News) - Synectics PLC on Monday said it expects full-year profit to be "materially ahead of expectations" due to continued momentum in the second half.
The Sheffield, England-based provider of advanced security and surveillance systems solutions said it expects adjusted pretax profit for the financial year ended November 30 to materially beat expectations, which it believes is GBP3.9 million.
In financial 2023, it reported pretax profit of GBP2.7 million and underlying pretax profit of GBP3.0 million.
Shares in Synectics were up 13% to 349.10 pence each in London on Monday afternoon.
The company said the expected strong performance is due to continued momentum in the second half across all of its market verticals.
Synectics said its order book at the end of November was up 29% to GBP37.8 million from GBP29.2 million year-on-year.
The company said its cash balance had also grown 52% to GBP9.6 million from GBP4.6 million in the same period.
Its audited results for the full year will be released in early March 2025.
By Michael Hennessey, Alliance News reporter
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