Sheffield-based Synectics delivers strong results underpinned by oil and gas sector work

Synectics’ software monitors and records more than 150,000 channels in around 100 casino properties around the world, including one of the largest casinos in Las Vegas.

Over the past decade, the company has supplied more than 10,000 COEX explosion- protected camera stations to the oil and gas market globally, safeguarding refineries, pipelines, offshore vessels and platforms for the likes of Saudi Aramco and Shell. Its COEX cameras are built to withstand extreme environments and high temperatures.

The company recently extended its agreement with National Grid, with contracts of £4m signed to upgrade more sites across its estate. In the year ended November 30 2023, Synectics’ revenue increased by 26 per cent to £49.1m while its underlying EBITDA (which represents profit before finance costs, tax, depreciation, amortisation and non-underlying items) rose to £4.8m from £3.2m the previous year.

Commenting on the results, Paul Webb, chief executive of Synectics, said: “Synectics delivered a strong performance in FY (full year) 2023 and, operating in strong and growing specialist markets, the board is confident that the company will continue to deliver further progress in this year and beyond.

“Synectics has built a very strong reputation and is a trusted brand that counts many high- profile businesses among its customers.

He added: “In the year to date, the company has seen continued sales momentum, driven by a robust order book and a strong pipeline of new business opportunities, underpinning the board’s confidence in the company’s outlook for the medium term.”

Synectics employs around 80 staff at its head office in Sheffield, including 50 people who work in research and development. It also employs around 80 staff at its manufacturing base near Scunthorpe.

Mr Webb told The Yorkshire Post that Synectics is feeling bullish about the future adding: "We have got plenty of opportunities in the specialist markets we know well."

He said the company had done “really well” after hiring graduates from local universities in Sheffield, adding: "I'm really pleased with the strength of the team. Sheffield is a good location with strong staff retention."

The group said it had a strong order book at November 30 2023 of £29.2m and the recommended final dividend increased by 50 per cent to 3.0p per share.

Synectics said that key end markets are continuing to recover, and it is seeing opportunities for both new projects and the renewal of existing infrastructure and systems in all sectors.

Synectics delivers services for major transport companies – including leading providers such as Deutsche Bahn, Stagecoach and Irish Rail – with more than 5bn passenger journeys protected annually.