Security and surveillance technology business, Synectics, says a robust half one performance for the business has been built on a solid order book and early delivery of several projects.
Publishing its interim results for the six months ended 31 May 2024, the Sheffield-headquartered company reports a revenue rise of 20% to £26.3m (H1 2023: £21.9m) and underlying pre-tax profits of £2.1m (H1 2023: £718,000).
Underlying EBITDA was up 67% to £2.8m (H1 2023: £1.7m), with the firm’s order book at 31 May 2024 worth £30.2m (31 May 2023: £28.4m).
Paul Webb, chief executive, said: “We’re happy to have delivered a strong half one 2024 performance, driven by our Systems division completing delivery of several projects ahead of schedule.
“Our robust order book and promising pipeline of new business opportunities, coupled with our reputation as a trusted partner, ideally position us to capitalise on exciting opportunities across our growing specialist end markets.
“Against this positive backdrop, the Board remains confident in meeting market expectations for FY 2024 and the company’s longer-term prospects.”
Analyst consensus for Synectics for the year ending 30 November 2024 is that the business will achieve revenues of £52.9m and adjusted pre tax profits of £3.5m.
The company adds its core specialist markets continue to show momentum, with all sectors seeing investment in new projects alongside the renewal of existing systems.
It notes that a significant $10m/£7.8m contract for a high-profile Asian gaming resort confirmed last month is expected to be delivered in FY 2025, which supports market expectations for FY 2025.
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