Surveillance firm enjoys strong demand from casino operators

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.