Synectics set to beat profit expectations for 2024 financial year

(Sharecast News) - Advanced security and surveillance specialist Synectics announced on Monday that profit before tax for the financial year ended 30 November was expected to be materially ahead of market expectations. The AIM-traded firm said the performance reflected strong momentum across all its market verticals during the second half.

It said it saw a significant increase in its order book, which reached around £37.8m as of the end of November, compared to £30.2m at the end of May and £29.2m at the close of November 2023.

Synectics also strengthened its financial position, with cash holdings rising to £9.6m as of 30 November, up from £6.4m in May and £4.6m a year earlier.

The company added that it retained additional liquidity through £3m in undrawn bank facilities.

The company said it would release its audited results for the 2024 financial year in early March.

At 0939 GMT, shares in Synectics were up 7.9% at 333.42p.

Reporting by Josh White for Sharecast.com.