Integrated security and surveillance specialist Synectics (LON:SNX) has been awarded a multi-million pound contract for a new casino resort under construction in the Philippines.
The company's Synectic Systems (Asia) subsidiary will provide an integrated enterprise-class surveillance solution that will monitor and record high-definition video from more than 5,000 cameras at the resort in Manila.
"This is another significant contract win for Synectics which underlines the strength of our credentials in Asia, and highlights our position as the preferred choice of the premier gaming operators in the region,” said Paul Webb, chief executive of Synectics.
The company also revealed it returned to the black in 2015, with reported profit before tax of £512,000 versus a loss of £3.75mln in 2014. Excluding one-off items, profit before tax in 2015 was £1.55mln, versus a loss the year before of £2.38mln.
Revenue rose 6% to £68.5mln from £64.6mln the year before, while the order book at the end of the year stood at £26.6mln, down from £28.6mln the year before.
"On the back of this hard fought year, I am really pleased we have been able to return the business to solid profitability and significantly strengthen its cash position,” Webb said.
“Collectively, we have worked hard to achieve this but it has not been without its challenges. Given the current uncertainty of some of the markets in which we operate, this is a good result and, on the back of recent contract wins, we look forward to a year of continued progress," he added.
The company resumed dividend payments with a final dividend of a penny.
Shares were off 10p at 127.5p in mid-morning trading, as the company warned that market volatility, particularly in the oil & gas market, makes it very difficult to make short-term forecasts with any degree of certainty.
On the bright side, the gaming sector “appears well positioned for a good year”, the company's chairman David Coghlan said, while the company expects a continuation of the improving trend in integration and managed services.