Synectics pl, a leader in the design, integration and control of advanced surveillance technology and networked security systems, reports its unaudited interim results for the six months ended 31 May 2012.
- Change of name from Quadnetics Group plc to Synectics plc on 16 July 2012
- Revenue $60.2 million (2011: $53.3 million)
- Underlying profit* $4.4 million (2011: $2.8 million)
- Profit before tax $2.7 million (2011: $2.7 million)
- Diluted underlying EPS 12.7p (2011: 8.4p)
- Diluted basic EPS 7.0p (2011: 7.8p)
- Cash at 31 May 2012: $ 6.9 million (30 November 2011: $4.9 million; 31 May 2011: $9.4 million)
- Net funds at 31 May 2012: $4.2 million (30 November 2011: $2.0 million; 31 May 2011:$ 9.4 million,prior to the acquisition of Indanet AG)
- Interim dividend maintained at 2.5p per share
- Significant contract wins in nuclear power, gaming, transport and oil & gas/marine
- Record order book of $63.6 million (November 2011 $56.3 million; May 2011: $40.9 million)
Commenting on the results, John Shepherd, Chief Executive, said:
“This is another strong set of results which reflect the continuation of the momentum generated in 2011. We continue to see significant global demand for our advanced electronic security systems resulting in major contract wins and record order book levels. Investment in engineering and management talent is increasing in order to strengthen our position as thought leaders in our chosen markets and is helping us to build long term partner relationships with large global system integrators.
“After careful consideration we have changed the name of the Group to Synectics plc to simplify our brand structure and to take advantage of our brand with the greatest global customer recognition.
The integration of our German acquisition Indanet continues on plan with significant investment in new product R&D and international sales and marketing resource. We continue to win major contracts with existing and new German transport customers and are now marketing the full Synectics systems capability widely in Europe.
“This excellent first half year gives us increasing confidence in our ability to deliver full year results in line with expectations.”
* that is profit before tax, non-underlying items (restructuring costs, acquisition expenses, amortisation of intangibles and share based payments charge) and IAS 39 charge on deferred and contingent consideration.