Synectics PLC Year End Trading Update (2478R)
December 08 2016 - 1:00AM
UK Regulatory
TIDMSNX
RNS Number : 2478R
Synectics PLC
08 December 2016
8 December 2016
Synectics plc
("Synectics" or "the Group")
Year End Trading Update
Synectics plc (AIM: SNX), a leader in the design, integration,
control and management of advanced surveillance technology and
networked security systems, provides the following update on
trading for the year ended 30 November 2016.
Consolidated revenues for the year just ended are estimated to
have been approximately GBP71 million, compared with GBP68.5
million in the previous year. Underlying results are anticipated to
be in line with market expectations.
Net cash at the year end was approximately GBP2.0 million, up
from GBP0.5 million at the prior year end. This cash inflow was
achieved despite high levels of activity in the final two months of
the financial year which meant that short term levels of customer
receivables and accrued revenue at 30 November 2016 were abnormally
high. This is expected to unwind in the first few months of
2017.
Conditions continued to be difficult in the oil & gas sector
and, whilst market sentiment seems currently to be improving, we do
not expect a resumption of significant growth in this sector before
2018. During the year, we reduced our manufacturing capacity in
this sector to reflect market conditions, whilst continuing to
retain capability.
In contrast, Synectics' revenues from surveillance systems in
the gaming industry enjoyed an exceptionally strong year, with two
major new-build casino projects being delivered in the Far
East.
Trading in other sectors during the year was generally solid,
and market conditions remain positive. Further integration of
Synectics' product portfolio, development and sales activities
across our transportation and critical infrastructure businesses
has positioned the Group well for this key area of growth.
The Group's final results for the year to 30 November 2016 will
be released on or around 21 February 2017.
For further information, please contact:
Synectics plc Tel: +44 (0) 1527 850 080
David Coghlan, Chairman www.synecticsplc.com
Paul Webb, Chief Executive
Mike Stilwell, Finance
Director
email: info@synecticsplc.com
Stockdale Securities Tel: +44 (0) 20 7601 6100
Tom Griffiths / Henry
Willcocks
Media enquiries:
Buchanan Tel: +44 (0)
20 7466 5000
Mark Court / Sophie Cowles / Jane Glover
email: synectics@buchanan.uk.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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