Security and surveillance technology company Synectics, headquartered in Sheffield, has announced strong financial results for the year ending November 30, 2024, citing positive momentum across its key markets.
Revenues increased by 13.6% to £55.8 million, up from £49.1 million the previous year. Pre-tax profits also saw a significant rise, reaching £4.2 million compared to £2.7 million in fiscal year 2023. The company also reported a record cash balance of £9.6 million as of November 30, 2024, with no bank debt, a notable increase from £4.6 million the previous year.
Amanda Larnder, the Chief Executive Officer and Chief Financial Officer, expressed her satisfaction with the company’s performance. “I am immensely proud of our strong performance in FY24 and the positive momentum we have built heading into FY25, which is backed by a robust order book,” Larnder stated. “During FY25, we are investing in strategic initiatives across our products, operations, and in strengthening customer and partner relationships to ensure sustainable growth in future years. We are confident our commitment to delivering operational excellence combined with our innovative offerings position us to be a trusted leader in our chosen markets, enabling us to seize new and exciting business opportunities.”
The company’s order book as of November 30, 2024, was valued at £38.5 million, an improvement from £29.2 million the previous year. Synectics attributed this growth to consistent contract wins across all sectors, which have continued into the current fiscal year. The company highlighted success in securing contracts, including major gaming awards in the US and South-East Asia, collectively worth $4.9 million / £3.9 million.
To further capitalize on opportunities, Synectics has invested in strengthening its sales organization, allocating resources to key sectors, including North American and tribal gaming, UK transport and infrastructure, and international business development. The company has identified promising growth prospects in new markets and geographical areas, such as the United Arab Emirates, infrastructure projects in North America and Asia, global data centers, and renewable energy initiatives.
