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LONDON (Alliance News) - Shares in Synectics PLC plunged Wednesday morning, after the surveillance-technology company reported higher profits and revenues for its last financial year, but warned that its year-end order book had slumped by 24%, and is expecting earnings for 2014 to be flat on 2013.
Synectics reported a 41% increase in its pretax profit for the year to November 30, 2013, to GBP6.6 million, up from GBP4.7 million last year, and a 7% increase in revenues to GBP82.4 million.
But the group warned that its year-end order book declined by 24% to GBP28.1 million, down from GBP36.9 million the prior year, and expects a trading performance for its current financial year, similar to the last, as well as trading significantly skewed toward the second-half of the year.
"After strong order intake earlier in the year, several parts of the group have subsequently been experiencing delays in receipt of anticipated large orders. Delays are continuing to some extent, but bid activity for large projects in the oil & gas and gaming sectors remains solid, and an increased pace of sales is anticipated from several new products being launched in the second quarter of 2014," said the group's Chairman David Colghlan in a statement.
Synectics increased its final dividend to 5.5 pence per share, making a total dividend of 8.5 pence for the year, up from 7.5 pence in its 2012 financial year.
The group said during the year it secured a number of complex major system contract with large global blue chip customers, established a far eastern operational hub with a GBP7 million contract win, and launched a new and upgraded command and control platform post year end.
Shares in Synectics plunged Wednesday, down 17.3% at 446.45 pence per share at Wednesday midday.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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