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Synectics PLC on Tuesday said it swung to a half-year profit as the security systems company said the oil and gas and gaming sectors beat activity levels from a year ago.
For the six months to May 31, Sheffield, England-based Synectics posted a pretax profit of £485,000, swung from a loss of £810,000 a year before.
Revenue grew to £22.8 million from £22.0 million. Revenue in the oil and gas and gaming sectors were ‘well ahead against the same period last year’, Synectics explained. It turned to a profit from operations of £525,000 from a loss of £771,000 a year ago.
‘The recovery of results in the second half of 2021 was largely driven by restructuring efficiencies and cost-saving measures implemented in the preceding financial year,’ Chair David Coghlan said.
Synectics declared no interim dividend, unchanged from a year before, but intends to propose a final dividend for its financial year ending November 30.
Chief Executive Officer Paul Webb added the company ‘has delivered a substantial turnaround in profits despite challenges in the supply chain, and with some end markets still subdued.
‘We expect this trajectory of revenue and profit growth to continue in the second half of this year and beyond.’
While the company's order book fell slightly to £29.6 million from £30.3 million, it called its pipeline of expected orders strong.
Synectics shares were 9.4% higher at 103.90 pence each on Tuesday morning in London.
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