Sheffield-based Synectics announces £4 million boost to its order book

It said this reflects “strong trading in the second half, particularly in the oil and gas market”.

The company said that it had ended the 2023 financial year with an order book totalling £28.6 million, up from £24.4 million the year prior.

It said that net cash at 30 November, when its financial year ended, was £4.6 million, up from £4.3 million the previous year.

In its full year results for 2022, Synectics saw its revenue raise from £36.6 million to £39.1 million.

Its operating profit rose from £0.5 million to £1.2 million, with underlying earnings per share at 6.9p, up from 2.6p the year prior.

The latest update follows a major contract win for Synectics, which was announced at the end of last month.

The firm secured a contract worth £1 million with a major UK financial institution to deliver a multi-site deployment of Synergy, the company’s proprietary software platform.

The Contract, which will be completed in 2024, will see Synectics deliver an upgraded surveillance and security system in multiple locations across the financial institution's back-office estate in the UK, which includes data, cash, alarm receiving, and disaster recovery centres.

As part of the Contract, Synectics also said it will undertake upgrades to the financial institution's existing on-site hardware, including the installation of its latest generation 4K cameras.

The company said the deal marked the largest single contract to deploy its Synergy software to a commercial customer in the UK for “many years”.

Earlier this year, the firm also announced the award of a further contract, worth approximately £2 million, to supply specialist camera stations for Saudi Aramco's Zuluf development programme.

This was further to its announcement in April 2023 of the award of a £3.5 million contract for the Process CCTV system for the Zuluf development programme.

A significant proportion of this additional contract is expected to be delivered by the end of the Company's financial year ended 30 November 2023, with the balance early in the following year.

In December 2022, the firm announced that it had been awarded a contract to provide the surveillance system for Solaire Metro North, a large new-build casino resort in the Philippines.