Synectics 2013H1 enjoys a minor 6% jump in revenue, thanks to Qatar and Asia

Synectics 2013H1 enjoys a minor 6% jump in revenue, thanks to Qatar and Asia

Synectics, a supplier in the design, integration, control and management of advanced surveillance technology, and networked security systems, reports its unaudited interim results for the six months ended 31 May 2013.

Highlights
- Revenue US$62.0 million (£40.7 million) , 2012: $ 58.5 million
- Underlying profit up 27% to $5.5 million ,2012: $4.3 million
- Profit before tax up 92% to $5.0 million ,2012: $2.6 million
- Underlying diluted EPS 16.3p ,2012: 12.7p
- Diluted basic EPS 14.6p , 2012: 7.0p
-Underlying operating margin 8.8% , 2012: 7.4%
- Net cash at 31 May 2013 $7.2 million ,30 November 2012: $7.0 million; 31 May 2012: $4.1 million
- Interim dividend increased to 3p per share ,2012 interim: 2.5p
- Order book $53.0 million ,30 November 2012: $56.2million; 31 May 2012: $61.8 million
- Far Eastern operational hub established with $10.7 million contract win and subsequent acquisition of Coex Services Asia
- Full acquisition of Indanet completed

Commenting on the results, John Shepherd, Chief Executive, said:
“During the first half of 2013 we achieved a series of strategically significant goals which augur well for continued profitable growth of the Group.

“In January we won a contract to protect the world's largest Gas-to-Liquids plant in Qatar; in February we won a major contract with Avon and Somerset Police and acquired full control of Indanet in Germany; in March we won a very large system contract for a major client in Singapore and our first CCTV control room outsourcing project with Luton Borough Council; in May we secured a three year maintenance contract with Stagecoach and in June we acquired Coex Services Asia Pte Ltd in Singapore.

“We have also further integrated the Group's operations into two focused divisions – ‘Systems' and ‘Integration & Managed Services' with the aim of creating a more effective and scalable business.

“The pace of positive change is increasing and this is reflected in the improved sales, profit and margins. I expect this momentum to continue in the second half.”

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