Surveillance firm enjoys strong demand from casino operators

Synectics' CEO Paul Webb said conditions continue to be difficult in the oil and gas sector
Synectics' CEO Paul Webb said conditions continue to be difficult in the oil and gas sector
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Surveillance firm Synectics ​reported difficult conditions in the oil ​and​ gas sector​, but an ​"exceptionally strong​"​ year​ in its casino division. ​

The Sheffield-based firm has been boosted by ​​million pound casino project wins.​

​The group said revenue for the year to November 30​ is estimated to be around £71​m, ​up from £68.5​m the previous year.

Underlying results are ​expected to be in line with market expectations.

​CEO Paul Webb said ​conditions continue to be difficult in the oil ​and​ gas sector and, whilst market sentiment seems ​currently ​to ​be improving, ​it does not expect a resumption of significant growth in this sector before 2018.

During the year, ​it​ reduced ​its​ manufacturing capacity in ​oil and gas to reflect market conditions, whilst continuing to retain capability.

In contrast, Synectics​ said ​revenue from surveillance systems in the gaming industry enjoyed an exceptionally strong year, with two major new-build casino projects being delivered in the Far East.

​It said that trading in other sectors during the year was generally solid​ ​and market conditions remain positive.

​It added that f​urther integration of Synectics’ product portfolio, development and sales activities across ​its​ transportation and critical infrastructure businesses has positioned the ​g​roup well for this key area of growth.

Net cash at the year end was approximately £2.0​m, up from £0.5​m at the prior year end.

The ​g​roup’s final results for the year to November ​30 will be released on or around February 2​1 next year.