SYNECTICS PLC A leader in advanced Security and Surveillance Systems
Synectics plc Final Results 2023
About Us
Synectics is a Leader in Advanced Security and Surveillance Systems
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Synectics plc Final Results
What We Do
- We develop and deliver security and surveillance solutions tailored for specific markets where security and surveillance are critical to operations
- Our core IP comprises our open architecture, proprietary Synergy software platform and COEX cameras
Why We Do It
- Our systems help protect people, property, communities and assets around the world
- We are committed to being a trusted partner, ensuring security, safety and peace of mind
2023
Gaming | Oil & Gas | Public Space | Transport | Critical Infrastructure |
223,000 | 270+ | >10,000 |
Channels are being | Synergy installations | COEX cameras delivered |
monitored and recorded | ||
across key markets | in the last 10 years | |
by Synergy worldwide | ||
throughout the world | ||
Overview
Revenue | Underlying Profit | Underlying EBITDA | |||
£49.1m | £3.1m | £4.8m | |||
49% | |||||
26% | 165% | ||||
Order Book | Net Cash | Final Dividend | ||
£29.2m | £4.6m | 3.0p | ||
50% | ||||
20% |
Operational highlights
- Strong results, exceeding previous market expectations, underpinned by growing demand from the oil and gas sector
- Solid order book, reinforced by sound order intake and significant contract wins across all sectors in FY 2023, with continued momentum into 2024
- Continued investment in technology development saw the release of new AI and sector- specific features to the proprietary Synergy software platform and advancements to the COEX camera range
- Ongoing focus on specialist, core markets - gaming, oil and gas, public space, transport and critical infrastructure - offers significant growth opportunities
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Synectics plc Final Results 2023
*All income statement figures set out in this presentation reflect underlying results and continuing operations, unless otherwise stated.
Develops and delivers proprietary, technology-led solutions to specialist markets globally.
Capabilities centre around a proprietary software platform and specialist cameras that are tailored to the unique requirements of customers.
Business Review
Systems Division
2023 | 2022 | |
Revenue (£m) | 32.0 | 24.2 |
Underlying gross margin | 46.4% | 50.6% |
Underlying operating profit (£m) | 4.1 | 1.9 |
Underlying operating margin | 12.7% | 7.8% |
- Performance underpinned by strong demand from oil and gas sector
- Marked recovery in the gaming market in Asia
- North American market more subdued in FY23, but encouraging signs to date in 2024
- Successfully secured a number of public space contracts despite continued budgetary constraints.
- Continued to explore opportunities to deploy technology into adjacent sectors
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Synectics plc Final Results 2023
Critical Surveillance for an Offshore Oil & Gas Field
Oil & Gas
Saudi Aramco
Saudi Arabia
The Zuluf field is ~40km off Saudi Arabia's northeast coast.
COEX Cameras
Synectics' COEX cameras will cover critical locations to monitor process activities and protect employees and assets.
£5.5m contract value
Approx. half the project was delivered in FY23, with the remainder to be delivered in FY24.
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Synectics plc Final Results 2023
Ensuring Regulatory Compliance for Asian Casino Resort
Gaming
Urban Casino Resort - Solaire Metro
North
Asia
The casino resort and hotel offers a high-end mix of slots, table games, high-stakes poker, bars, and restaurants.
Synergy Security and
Surveillance Software
Delivers multiple benefits, including access control, alarm management, workflows and dashboards.
Synectics IP Cameras
$3.0m contract value
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Synectics plc Final Results 2023
Delivers integrated solutions, service and support directly to end- users in the UK and Ireland.
Principally serves public space, transport, and national infrastructure markets.
Utilises a combination of proprietary technology and third-party products.
Business Review
Security Division
2023 | 2022 | |
Revenue (£m) | 18.3 | 16.6 |
Underlying gross margin | 28.3% | 26.4% |
Underlying operating profit (£m) | 1.3 | 1.2 |
Underlying operating margin | 7.1% | 7.0% |
- Successful delivery of ongoing projects with high profile clients, including City of London and West Midlands police, numerous local authorities and the Queen Elizabeth Olympic Park
- Completed a number of on-vehicle contracts in Ireland and the UK
- Currently reviewing go to market strategy to capitalise on opportunities
- Post year end, secured a £4.0 million contract through an agreement with National Grid to extend deployment to a further 13 sites
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Synectics plc Final Results 2023
Long-TermPartnership with International Energy Company
Critical Infrastructure
National Grid
United Kingdom
Deliver security improvement works across 13 new sites.
End-to-End Solution
The provision and cyber- hardening of CCTV and Access Control Systems throughout the estate across the UK.
£4.0m contract value
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Synectics plc Final Results 2023
Our Technology
We have made significant strides in advancing the development of our core intellectual property
Cutting-Edge Cloud Enhancements
Expanding AI and Analytics
Improved Mapping Capabilities
Fortifying Cybersecurity and Data Privacy
In 2023, the Company specifically focused on the evolution of its Synergy software platform and its COEX explosion-protected camera station range.
We continue to focus on releasing product enhancements and integrations that enable our solutions to expand beyond the control room, with time and money-saving operational features built with the latest technology.
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Synectics plc Final Results 2023
Technology Investment Programme
We continue to invest in the latest technology and services that will position the Company for further growth and leadership in each market.
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Synectics plc Final Results 2023
Cloud Services
Enable deployment in numerous platform configurations.
AI and Analytics
Deliver AI technology natively and with third- party AI tools, including video forensic search.
Camera Performance
Advance our camera ranges, integrating 4K, radiometrics, AI and analytics in Synergy.
Mobile
Streamline task management extending beyond the control room for workforce empowerment.
Subscription Model and SaaS
Adopt a subscription model and SaaS to shape the future of Synergy's procurement and deployment.
Enhanced Web Features
Ensure flexible access for remote working, on- location incident management, and seamless evidence sharing.
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Disclaimer
Synectics plc published this content on 26 February 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 March 2024 11:12:13 UTC.
