Synectics PLC Business Update (6411W)
April 27 2021 - 2:00AM
UK Regulatory
TIDMSNX
RNS Number : 6411W
Synectics PLC
27 April 2021
RNS 27 April 2021
Synectics plc
("Synectics" or the "Company" or the "Group")
Business Update
Synectics plc (AIM: SNX) , a leader in the design, integration
and support of advanced security and surveillance systems, provides
the following update ahead of its Annual General Meeting ("AGM")
which is being held later this morning.
As reported last month with the release of the Company's audited
final results for the year ended 30 November 2020, trading in the
new financial year so far has, as expected, carried on at similar
levels to the last financial year. This reflects primarily the
continued impact of global travel restrictions on casinos and
gaming resorts in Asia-Pacific and the United States, which
represent Synectics' largest market sector for its security and
surveillance systems.
Activity in public infrastructure and transportation in the UK
and Europe continues to hold up relatively well. The Company's
major project for security command and control on the S-Bahn rail
network in Berlin went live on 1 January 2021 as planned. Since
then, the project has continued its roll-out across the network and
delivery will be completed in this financial year, enabling the
Company to move into the eight-year service and maintenance phase
of its contract.
The Company announced on 7 April 2021 the award of a major
contract by the City of London Corporation and City of London
Police to provide the software command and control system for their
Secure City programme, co-ordinating security management across
several other transport and emergency response agencies.
This, being one of the world's most advanced, cloud-based "smart
city" surveillance projects, is expected to act as a key reference
site for similar initiatives elsewhere, and is already generating
interest.
Looking forward, there are some early signs of increased
customer activity in the gaming sector, from which the Board
expects some recovery in orders in the second half of this
financial year.
The Group's cash position remains solid, with net cash of GBP4.5
million at 23 April 2021 (26 February 2021: GBP4.5 million)
Synectics will announce its unaudited interim results on 13 July
2021 when the Board is planning to reinstate guidance on future
trading.
For further information, please contact:
Synectics plc Tel: +44 (0) 114 280 2828
Paul Webb, Chief Executive
David Bedford, Finance Director
email: info@synecticsplc.com www.synecticsplc.com
Shore Capital Tel: +44 (0) 20 7408 4050
Tom Griffiths / David Coaten
/ Henry Willcocks
Ends
About Synectics plc
Synectics (AIM: SNX) is a leader in the design, integration and
support of advanced security and surveillance systems that enable
clients around the world to protect their people, communities, and
assets.
Founded over 30 years ago, Synectics has deep industry
experience across gaming, energy, urban transport, public space and
critical infrastructure projects. The Group's expert engineering
teams work in partnership with customers to create integrated
product and technology solutions, proven in the most complex and
demanding operating environments.
Find out more at www.synecticsplc.com
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END
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