Synectics plans to maintain investment in Sheffield operations

Synectics, the advanced security and surveillance systems company, today revealed that its half year revenues had fallen as the pandemic affects its clients' operations.
Paul WebbPaul Webb
Paul Webb

However, Paul Webb, the company's chief executive, said he wanted to build the group's centre of gravity around Sheffield.

The company employs between 60 to 70 staff at its Sheffield head office and a large number of its research and development staff have been hired from local universities.

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Mr Webb said Synectics had maintained its investment in Sheffield during the pandemic.

Synectics has reported its unaudited interim results for the six months ended 31 May 2020.

The company said there had been a substantial impact from Covid-19 on its customers’ operations, especially in the gaming sector, although other sectors had been holding up better.

The revenue of the half year was £23.0 million, compared with £33.6 million in the same period the year before. The underlying loss before tax was £2.0 million, compared with a profit of £1.2 million.

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The company said actions have been taken to reduce costs and re-focus operations around customer requirements, with four operational sites due to be closed by the end of the year.

The board expects a noticeably improved underlying trading result in second half

Commenting on the results, Mr Webb , said; “Whilst results this year will be significantly affected by the impact of Covid-19, our relatively strong financial position has allowed us to re-structure our Integration businesses and to continue our investment in Technology development.

"This investment is opening a range of future opportunities for Synectics in software applications for enterprise-level operational security management systems.

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"Our approach puts us in position to take advantage of these opportunities as they arise, and to support our customers as they emerge from their individual pandemic scenarios.”

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