Shares in networked security systems provider Synectics PLC (LON:SNX) warranted surveillance on Tuesday as they rose on the back of a solid set of interim results.
Profit before tax in the six months to the end of May rose 12% to £1.5mln from £1.3mln the year before on revenue that rose 3% to £34.7mln from £33.7mln.
Net cash at the end of May stood at £9.1mln, up from £1.8mln the year before, paving the way for a 20% increase in the interim dividend to 1.2p from 1p.
Since the end of the previous financial year (November 30, 2017). the order book has risen 18% to £28.8mln.
In a recent proof of concept with @Securetrustbank they found that by using our #FraudPrevention solutions, SIRA & Precision, they could reduce their #fraud losses by 60% whilst reducing the number of investigations by 50%. Read the full case study here: https://t.co/UhVwzUJhBq pic.twitter.com/VSIoC06c12
— Synectics Solutions (@Syn_Sol) July 16, 2018
"These solid interim results were underpinned by a very strong performance in the gaming sector,” said Paul Webb, the chief executive of Synectics.
“We expect that the results for the full year will be in line with market expectations. Building on our 30 years of customer-driven innovation, we continue to adjust our product and business development activities towards the emerging needs and opportunities we see in both our established and developing market segments,” he added.
Shares in Synectics rose 3p to 216p in the first half-hour of trading.