Revenue and profit slip for Synectics in first half

Surveillance and networked security technology company Synectics reported revenue of £33.6m in its half-year results on Tuesday, down from £34.7m year-on-year.

The AIM-traded firm said its profit before tax was down to £1.2m for the six months ended 31 May, compared to £1.5m in the same period last year.

Its diluted earnings per share rose to 6.1p, however, from 5.9p a year earlier.

Synectics’ order book stood at £28.2m at period-end, which was a like-for-like increase of 23% since the 2018 financial year ended.

The board said the company remained in a “strong” net cash position, and raised the interim dividend to 1.3p per share, compared to the 1.2p it distributed last year.

It said a stronger performance was expected in the second half.

“With full year results expected to be in line with market expectations, Synectics is in a strong position to capitalise on a number of exciting high profile projects and harness strategic growth opportunities aligned with the development of next-generation product capabilities,” said chief executive Paul Webb.