RNS: AGM Statement
Tuesday, 19 May 2015
Synectics plc (AIM: SNX), a leader in the design, delivery and management of integrated security and surveillance systems for the world's most demanding security environments, is holding its Annual General Meeting at 11.00am today, at which the Chairman, David Coghlan, will make the following statement:
"I am pleased to report that Synectics' trading in the five months to 30 April 2015 has been in line with the Board's expectations.
"The recovery within the Integration & Managed Services Division has been delivered as planned, with all parts of that Division trading profitably in the financial year so far, and with the outlook remaining positive.
"The Oil & Gas activities within the Systems Division continue to face a difficult market, with the impact of delayed and cancelled projects resulting from last year's dramatic decline in the global oil price and political instability in the Middle East still being felt. Synectics' trading in this sector is profitable and improving, but is likely to remain relatively subdued with the timing of revenue difficult to predict.
"The Gaming surveillance sector of the Systems Division is trading slightly ahead of the Board's expectations though, as previously indicated, its budget for the first half of 2015 was noticeably lower than in recent periods due to the timing of specific contract deliveries. The recently announced major contract expansion in the Far East is expected to be completed in the second half of the financial year.
"Overall, the Company now expects to report a small underlying profit before tax in the first half of this financial year compared with the small loss anticipated in our trading update last October.
"A further update on trading will be provided at the time of the Company's interim results, which are expected to be released in late July 2015."
For further information, please contact:
David Coghlan, Chairman
Paul Webb, Chief Executive
Tel: +44 (0) 1527 850 080
Stockdale Securities Limited
Tom Griffiths / Henry Willcocks
Tel: +44 (0) 207 601 6100
Mark Court / Sophie Cowles / Jane Glover
Tel: +44 (0) 207 466 5000