Synectics plc (AIM: SNX), a leader in advanced security and surveillance systems, reports its unaudited interim results for the six months ended 31 May 2023 (“H1 2023” or “the period”).

Headlines¹

• H1 2023 revenue 14% ahead of H1 2022 at £21.9 million (H1 2022: £19.2 million)
• Underlying operating profit increased by 61% to £0.8 million (H1 2022: £0.5 million)
• Underlying profit before tax up 62% to £0.7 million (H1 2022: £0.4 million)
• Order book as at 31 May 2023 strong at £28.4 million (31 May 2022: £24.5 million)
• Underlying earnings per share up 76% to 3.7p (H1 2022: 2.1p)
• Net cash as at 31 May 2023 solid at £4.0 million (31 May 2022: £4.2 million)
• Results were underpinned by a strong oil & gas market with progress in other markets being more modest
• Based on the Company’s strong order book, the Board expects significantly improved trading in the second half of this financial year 
• The Board’s expectations for the year to 30 November 2023 remain unchanged

Commenting on the results, Paul Webb, Chief Executive of Synectics, said: "Synectics has now had four consecutive periods of progress in revenue and profits and is confident of delivering further progress in H2 2023. Operating in markets that are strong and recovering, the Company has solid long-term growth potential, from a sound platform.

The Board expects the Company’s results for the year ending 30 November 2023 to be in line with market expectations, despite being weighted to the seasonally stronger H2.”

Craig Wilson, recently appointed Chair of Synectics, added: “After conducting a comprehensive business review, it is evident that Synectics possesses excellent technology in thriving global markets, including oil & gas, gaming, and public safety, which are experiencing renewed growth. With a robust financial position and a clear strategic direction, it is now all about execution.”

¹ All income statement comparatives set out in this announcement reflect continuing operations unless otherwise stated.

For further information, please contact:
Synectics plc    
Paul Webb, Chief Executive Officer    
Amanda Larnder, Chief Financial Officer    
Tel: +44 (0) 114 280 2828
www.synecticsplc.com
info@synecticsplc.com

Shore Capital    
Tom Griffiths / David Coaten   
Tel: +44 (0) 20 7408 4050

Media enquiries:    
Intelligent Conversation     
Claire Evans    
Tel: +44 (0) 161 694 3979
claire@weareic.com