Growing security demands from oil and gas sector drives sales at Synectics

Growing demand from the oil and gas sector drove sales and profits up at security and surveillance group Synectics during its latest financial year.

The Sheffield-headquartered business has reported a revenue of £49.1m for the year to November 30, 2023, up from £39.1m from the previous 12 months.

Its pre-tax profits also jumped from £361,000 to £2.6m over the same period.

In an update issued to the London Stock Exchange, Synectics said it had achieved “strong results” which “exceeded market expectations.”

It added that its “strong new business momentum delivered at the end of FY 2023 has continued into H1 2024, underpinning the board’s confidence in the company’s outlook for the medium term.”

The results come after the company’s shares spiked in December 2023 after it upgraded its expectations for its full year.

Chief executive Paul Webb said: “Synectics delivered a strong performance in FY 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.

“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.”