Synectics PLC on Tuesday said its half-year profit and revenue rose, driven by lower expenses and strong trading.
The Sheffield, England-based security and surveillance systems firm said in the six months that ended May 31 pretax profit rose by 43% to £631,000 from £442,000 a year prior. This was partly attributed to income tax expenses falling by 18% to £66,000 compared to the year before.
Revenue for the six-month period was up 14% to £21.9 million from £19.2 million the year before. This was underpinned by strong trading in the global oil and gas market, Synectics explained.
Looking ahead, Synectics said its order book is ‘significantly ahead’ of the same date last year, and expects to trade a large proportion in the second half of financial 2023. Based on this, the company anticipates its full year results to be in line with market expectations.
Chief Executive Officer Paul Webb said: ‘Synectics has now had four consecutive periods of progress in revenue and profits and is confident of delivering further progress in the second half of 2023. Operating in markets that are strong and recovering, the company has solid long-term growth potential, from a sound platform.’
Shares in Synectics were up 1.5% at 107.55 pence each in London on Tuesday morning.
Copyright 2023 Alliance News Ltd. All Rights Reserved.
