12th Jul 2022 09:40
(Alliance News) - Synectics PLC on Tuesday said it swung to a half-year profit as the security systems company said the oil and gas and gaming sectors beat activity levels from a year ago.
For the six months to May 31, Sheffield, England-based Synectics posted a pretax profit of GBP485,000, swung from a loss of GBP810,000 a year before.
Revenue grew to GBP22.8 million from GBP22.0 million. Revenue in the oil and gas and gaming sectors were "well ahead against the same period last year", Synectics explained. It turned to a profit from operations of GBP525,000 from a loss of GBP771,000 a year ago.
"The recovery of results in the second half of 2021 was largely driven by restructuring efficiencies and cost-saving measures implemented in the preceding financial year," Chair David Coghlan said.
Synectics declared no interim dividend, unchanged from a year before, but intends to propose a final dividend for its financial year ending November 30.
Chief Executive Officer Paul Webb added the company "has delivered a substantial turnaround in profits despite challenges in the supply chain, and with some end markets still subdued.
"We expect this trajectory of revenue and profit growth to continue in the second half of this year and beyond."
While the company's order book fell slightly to GBP29.6 million from GBP30.3 million, it called its pipeline of expected orders strong.
Synectics shares were 9.4% higher at 103.90 pence each on Tuesday morning in London.
By Tom Budszus; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
Synectics