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RNS
Synectics PLC  -  SNX   

Interim Results

Released 07:00 17-Jul-2018

RNS Number : 7959U
Synectics PLC
17 July 2018
 

 

                                                                                                                                                                                      17 July 2018

 

 

 

 

 

Synectics plc

('Synectics' or the 'Group')

Interim results for the six months ended 31 May 2018

 

Synectics plc (AIM: SNX), a leader in the design, integration, control and management of advanced surveillance technology and networked security systems, reports its unaudited interim results for the six months ended 31 May 2018.

 

Headlines

·     

Revenue up 3% to £34.7 million (2017: £33.7 million)

 

·     

Order book up 18% since the year end to £28.8 million

 

·     

Underlying profit1 up 12% to £1.5 million (2017: £1.3 million)

 

·     

Profit before tax £1.5 million (2017: £1.3 million)

 

·     

Underlying diluted EPS1 5.9p (2017: 6.2p) due to higher forecast tax rate

 

·     

Diluted EPS 5.9p (2017: 6.1p)

 

·     

Strong cash generation and net cash of £9.1 million at 31 May 2018 (2017: £1.8 million)

 

·     

Interim dividend increased to 1.2p (2017: 1.0p)

 

 

1 Underlying profit represents profit before tax and non-underlying items (which comprise amortisation of acquired intangibles).  Underlying earnings per share are based on profit after tax but before non-underlying items.

 

 

 

Commenting on the results, Paul Webb, Chief Executive of Synectics, said:

 

"These solid interim results were underpinned by a very strong performance in the gaming sector.  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."

 

For further information, please contact:

Synectics plc

Tel: +44 (0) 1527 850 080

Paul Webb, Chief Executive

 

Mike Stilwell, Finance Director

 

email: info@synecticsplc.com

www.synecticsplc.com

 

 

Stockdale Securities

Tel: +44 (0) 20 7601 6100

Tom Griffiths / Henry Willcocks

 

Media enquiries:

Intelligent Conversation

Tel: +44 (0) 161 694 3979

Claire Evans

 

email: claire@weareic.com

 

 

 

 

Chairman's Statement

 

Overview

 

Synectics produced a solid performance in the first half of the current financial year, with results in line with the Company's plans.

 

The Group's revenues and profit contribution from global gaming surveillance systems grew significantly in both the United States and Asia, demonstrating our continued leadership in that sector.  In addition, at the end of the half, Synectics' Gaming business received a notable order valued at around US$5 million for a new resort and casino development in Boston, USA, further details of which are set out in the business review section below.

 

In the High Security sector, it was particularly pleasing to see a number of new contract awards strengthening Synectics' position in security systems for very high profile or sensitive sites in the UK.  The recent contract to enhance security provisions at a prestigious high-profile landmark in central London joins projects for Westminster Abbey, British Museum, Victoria & Albert Museum, a major utilities operator, nuclear installations, financial institutions and other high security premises.

 

The progress in both of these areas underlines the benefits of our strategic focus on sophisticated high-end customers with specialist security and surveillance needs.

 

We see opportunities to capitalise on emerging software technology applications to strengthen Synectics' position at the forefront of the market for complex surveillance solutions, and have continued to increase our investment in product and business development accordingly.

 

Results

 

Synectics' revenue for the first half increased by 3% to £34.7 million, compared with £33.7 million in the same period last year.  The Group recorded a consolidated underlying profit1 up 12% at £1.5 million (2017: £1.3 million).  There were no material non-underlying items, so profit before tax was also £1.5 million (2017: £1.3 million).  The first half also saw a significant appreciation of the pound against the US dollar compared to the first half of the prior year.  On a constant currency basis2, underlying profit and profit before tax were both up 31% to £1.7 million.

 

The underlying diluted earnings per share1 were 5.9p (2017: 6.2p).  The projected effective tax rate for the full year has increased from 19.2% to 32.2% due to the increased proportion of the Group's profits generated by its US subsidiary, its highest tax jurisdiction.  More details on these results are set out in the divisional reports below.

 

Order intake was £39.2 million, leaving the order book at 31 May 2018 at £28.8 million, up 18% from the position at the start of the financial year.  This sales performance represented a book-to-bill ratio of 1.13 times, and supports the expectation for continued growth in the business.

 

Net cash at 31 May 2018 was exceptionally strong at £9.1 million (2017: £1.8 million).  The high cash inflow in the half was in part a function of an unusually positive reduction in working capital requirements due to the timing of payments on major contracts.  The current average net cash is around £5 million, and this balance more accurately reflects the underlying position.  It remains the case that Synectics' businesses on average turn a relatively substantial portion of their profits into free cash flow, although short-term working capital balances can fluctuate significantly.

 

1 Underlying profit represents profit before tax and non-underlying items (which comprise amortisation of acquired intangibles).  Underlying earnings per share are based on profit after tax but before non-underlying items.

 

2 Using average exchange rates for the six months ended 31 May 2017.

 

Dividend

 

In view of Synectics' improved profitability, the Board has decided to pay an increased interim dividend of 1.2p per share (2017: 1.0p).

 

 

 

 

Business Review

 

Systems

 

Synectics' Systems division provides specialist electronic surveillance systems, based on its own proprietary technology, to global end customers with large-scale highly complex security requirements, particularly for oil & gas operations, gaming, transport & infrastructure protection, and high security & public space applications.

 

£000

Six months ended

31 May

 2018

Six months ended

31 May

 2017

Year

ended

30 Nov

2017

 

 

 

 

Revenue

24,276

22,435

46,062

Gross margin

38.9%

39.7%

39.8%

Operating profit3

2,368

1,970

4,238

Operating margin3

9.8%

8.8%

9.2%

 

3 Before non-underlying items and Group central costs.

 

 

Once again the Gaming surveillance sector was the largest contributor to the results of the Systems division.  After several years where growth came mainly from casinos in the Far East, in the first half of this year Synectics won substantial new business from leading casino operators in the United States.  These included an order for a new system of nearly 4,000 surveillance channels for the Encore five-star urban resort development in Boston, as well as other major orders for Las Vegas casinos.  With a contract value of around $5 million, the Boston project will be largely delivered by the end of this financial year, with completion expected in early 2019.  Upgrades and repeat orders from existing casino and cruise line customers in both major gaming regions demonstrated the strength of Synectics' products and market position in this sector.

 

In the Oil & Gas surveillance sector, the level of enquiries and quotes has picked up significantly with the global oil price having recovered to a level supporting renewed capital investment by customers.  This increased activity is expected to feed through to growth in Synectics' revenues from 2019.  In the first half of this year, Synectics' business from the sector was still roughly flat and profit margins, though positive, remained well below our target level.  Orders were received in the period for customers operating in the Gulf of Mexico, the Middle East, Central Asia, the Far East and Africa.  The division continues to enhance its specialised Ex-rated product suite, and we believe Synectics is well positioned for the coming market recovery.

 

The UK bus and coach market, where we have a strong footprint, remained weak, with new UK vehicle registrations down significantly on last year.  This was reflected in a lower contribution from Synectics' on-bus surveillance systems activities.  We did make progress in tram and light rail, in particular with the award of a strategic €1m light rail project in Munich, and anticipate that the equipment manufacturer relationship strengthened through this project will lead on to important new business in the future.

 

Synectics' clear objective in the Transport & Infrastructure and High Security sectors is to build on its current established market positions in the UK, Germany and the Far East, through offering new applications of its core software technology.  These technology solutions are aimed at the growing sub-set of customers with a need for specialised, complex security and surveillance applications.  In the first half of this financial year, new business was won in these sectors for the Berlin integrated transport authority, a major national utilities operator, a Far East shipyard, UK government security services and high security prisons.

 

The combined order book at the end of the first half across all sectors in the Systems division was up 21% since the year end.

 

 

 

 

 

 

Integration & Managed Services

 

Synectics' Integration & Managed Services ('IMS') division is one of the leading UK providers of design, integration, turnkey supply, monitoring and management of large-scale electronic security systems.  Its main markets are in critical infrastructure, public space and multi-site systems.  Its capabilities include a nationwide network of service engineers, UK government security-cleared personnel and facilities, and an in-house 24-hour monitoring centre and helpdesk.  The IMS division supplies proprietary products and technology from Synectics' Systems division as well as from third parties.

 

£000

Six months ended

31 May

 2018

Six months ended

31 May

 2017

Year

ended

30 Nov

2017

 

 

 

 

Revenue

10,661

12,049

25,139

Gross margin

24.7%

23.1%

22.3%

Operating profit3

330

529

994

Operating margin3

3.1%

4.4%

4.0%

 

 

3 Before non-underlying items and Group central costs.

 

 

Although the financial results of the IMS division for the first half showed a decline from the comparative period, this is primarily a timing issue.  These results do not reflect the excellent progress made by the division in winning new business in its target strategic areas.  Contract wins in the period included a prestigious high-profile landmark in central London, Westminster Abbey, a number of large computer data centres, London Goldsmiths University, an urban surveillance scheme for Huntingdonshire District council, and further work for Magnox in the nuclear sector.  The majority of these new customer wins are examples of the division's successful strategy of targeting large, sophisticated clients willing to engage in deeper partnership relationships.  These relationships offer Synectics the opportunity to demonstrate to clients over time the real benefits of the greater technical capabilities and understanding of through-life value that are our competitive advantages.

 

Also in the first half, as a result of the launch of a newly-developed security services software offering, the division won two new managed service clients and a contract extension from a large existing client.  The IMS division also further increased its co-operation with the Systems division, allowing both to benefit from more sophisticated and differentiated customer propositions.

 

Synectics' Integrated Systems business remains one of the UK's largest and most capable providers of security systems and services.  It ended the first half with an order book, up 23% since the year end, which supports management's expectation that the division is poised to produce much improved revenue and profits in the second half.

 

Research & Development

 

As set out in its last Annual Report, Synectics is increasing expenditure on R&D this year by around £500,000 to accelerate development of its core software product base.  Accordingly, expenditure on technology development during the six-month period increased to £1.5 million (2017: £1.3 million) of which £0.2 million (2017: £0.3 million) was capitalised and the remainder expensed to profit and loss.  £0.3 million of previously capitalised development was amortised in the period.  These figures are included within the results of the Systems division.

 

Outlook

 

Based on current order books and the pipeline of high probability expected new business, Synectics is anticipating continued excellent results from the Group's Gaming surveillance activities and a significant improvement in revenue and profits from the IMS division.  The Board expects that consolidated results for the full year will be in line with market expectations. 

 

Beyond that, we believe that further planned increases in both R&D investment and business development resources are positioning the Group well for achieving its medium term goals, and we are confident that Synectics' prospects are healthy.

 

 

David Coghlan

Chairman

17 July 2018

 

 

 

 

 

Consolidated Income Statement

For the six months ended 31 May 2018

 

 

Notes

Unaudited
six months ended
31 May 2018 £000

 Unaudited
   six months ended
31 May 2017 £000



Year ended
30 Nov 2017 £000

Revenue

3

34,740

33,662

70,102

Cost of sales

 

(22,667)

(21,963)

(46,153)

Gross profit

 

12,073

11,699

23,949

Operating expenses

 

(10,567)

(10,332)

(20,823)

Profit from operations

 

 

 

 

- Excluding non-underlying items

3

1,518

1,378

3,149

- Non-underlying items

4

(12)

(11)

(23)

Total profit from operations

 

1,506

1,367

3,126

Finance income

 

92

108

183

Finance costs

 

(148)

(184)

(313)

Profit before tax

 

 

 

 

- Excluding non-underlying items

 

1,462

1,302

3,019

- Non-underlying items

4

(12)

(11)

(23)

Total profit before tax

 

1,450

1,291

2,996

Income tax expense

5

(467)

(248)

(443)

Profit for the period attributable to equity holders of the Parent

 

983

1,043

2,553

Basic earnings per share

7

5.9p

6.3p

15.5p

Diluted earnings per share

7

5.9p

6.1p

15.1p

Underlying basic earnings per share

7

6.0p

6.4p

15.6p

Underlying diluted earnings per share

7

5.9p

6.2p

15.2p

 

  

 

 

Consolidated Statement of Comprehensive Income

For the six months ended 31 May 2018

 

 

 

 

Unaudited
six months ended
31 May 2018 £000

Unaudited
six months ended
31 May 2017
£000



Year ended
30 Nov 2017 £000

Profit for the period

 

 

983

1,043

2,553

Items that will not be reclassified subsequently to profit or loss

 

 

 

 

 

Remeasurement loss on defined benefit pension scheme, net of tax

 

 

-

-

(363)

 

 

 

-

-

(363)

Items that may be reclassified subsequently to profit or loss

 

 

 

 

 

Exchange differences on translation of foreign operations

 

 

143

(464)

(760)

(Losses)/gains on a hedge of a net investment taken to equity

 

 

(11)

86

125

 

 

 

132

(378)

(635)

Total comprehensive income for the period attributable to equity holders of the Parent

 

 

1,115

665

1,555

 

  

 

Consolidated Statement of Financial Position

As at 31 May 2018

 

 

Notes

 

Unaudited
31 May 2018 £000

 

Unaudited
31 May 2017 £000


 

30 Nov 2017   £000

Non-current assets

 

 

 

 

Property, plant and equipment

 

2,687

2,897

2,796

Intangible assets

 

21,558

21,960

21,749

Retirement benefit asset

 

289

720

289

Deferred tax assets

 

103

216

159

 

 

24,637

25,793

24,993

Current assets

 

 

 

 

Inventories

 

12,524

11,627

10,739

Trade and other receivables

 

21,387

25,297

24,418

Tax assets

 

2

48

16

Cash and cash equivalents

9

9,891

5,575

4,721

 

 

43,804

42,547

39,894

Total assets

 

68,441

68,340

64,887

Current liabilities

 

 

 

 

Loans and borrowings

8

(825)

(2,986)

(900)

Trade and other payables

 

(25,355)

(23,204)

(22,493)

Tax liabilities

 

(405)

(737)

(328)

Current provisions

 

(106)

(243)

(149)

 

 

(26,691)

(27,170)

(23,870)

Non-current liabilities

 

 

 

 

Loans and borrowings

8

-

(825)

-

Provisions

 

(85)

(163)

(102)

Deferred tax liabilities

 

(259)

(210)

(161)

 

 

(344)

(1,198)

(263)

Total liabilities

 

(27,035)

(28,368)

(24,133)

Net assets

 

41,406

39,972

40,754

Equity attributable to equity holders of the Parent

 

 

 

 

Called up share capital

 

3,559

3,559

3,559

Share premium account

 

16,043

16,043

16,043

Merger reserve

 

9,971

9,971

9,971

Other reserves

 

(1,807)

(2,341)

(2,185)

Currency translation reserve

 

886

1,011

754

Retained earnings

 

12,754

11,729

12,612

Total equity

 

41,406

39,972

40,754

 

 

Consolidated Statement of Changes in Equity

For the six months ended 31 May 2018

 

 

Called up

share

capital

£000

Share

premium

account

£000

 

Merger

reserve

£000

 

      Other

  reserves

       £000

Currency

translation

reserve

£000

 

Retained

earnings

£000 

 

 

Total

£000

At 1 December 2016

3,559

16,043

9,971

(2,341)

1,389

39,581

Profit for the period

-

-

-

-

-

1,043

1,043

Other comprehensive loss

 

 

 

 

 

 

 

Currency translation adjustment

-

-

-

-

(378)

-

(378)

Total other comprehensive loss

-

-

-

-

(378)

-

(378)

Total comprehensive income for the period

-

-

-

-

(378)

1,043

665

Dividends paid

-

-

-

-

-

(329)

Credit in relation to share-based payments

-

-

-

-

-

55

55

At 31 May 2017

3,559

16,043

9,971

(2,341)

1,011

11,729

39,972

Profit for the period

-

-

-

-

-

1,510

1,510

Other comprehensive loss

 

 

 

 

 

 

 

Currency translation adjustment

-

-

-

-

(257)

-

(257)

Remeasurement gain on defined benefit pension scheme, net of tax

-

-

-

-

-

(363)

(363)

Total other comprehensive loss

-

-

-

-

(257)

(363)

(620)

Total comprehensive income for the period

-

-

-

-

(257)

1,147

890

Dividends paid

-

-

-

-

-

(169)

Credit in relation to share-based payments

-

-

-

-

-

56

56

Share scheme interests realised in the period

-

-

-

156

-

(151)

5

At 30 November 2017

3,559

16,043

9,971

(2,185)

754

12,612

40,754

Profit for the period

-

-

-

-

-

983

983

Other comprehensive income

 

 

 

 

 

 

 

Currency translation adjustment

-

-

-

-

132

-

132

Total other comprehensive income

-

-

-

-

132

-

132

Total comprehensive income for the period

 

 

 

 

132

983

1,115

Dividends paid

-

-

-

-

-

(498)

Credit in relation to share-based payments

-

-

-

-

-

35

35

Share scheme interests realised in the period

-

-

-

378

-

(378)

-

At 31 May 2018

3,559

16,043

9,971

(1,807)

886

12,754

41,406

 

 

 

 

 

 

 

Consolidated Cash Flow Statement

For the six months ended 31 May 2018

 

 

 

 

Notes

 

 

Unaudited
six months ended
31 May 2018 £000

Unaudited
six months ended
31 May 2017 £000



Year ended
30 Nov 2017 £000

Cash flows from operating activities

 

 

 

 

Profit for the period

 

983

1,043

2,553

Income tax expense

 

467

248

443

Finance income

 

(92)

(108)

(183)

Finance costs

 

148

184

313

Depreciation and amortisation charge

 

668

919

1,654

Loss on disposal of non-current assets

 

14

-

2

)

Unrealised currency translation losses

 

11

3

70

Share-based payment charge

 

35

55

111

Operating cash flows before movement in working capital

 

2,234

2,344

4,963

Increase in inventories

 

(1,733)

(1,683)

(857)

Decrease/(increase) in receivables

 

3,085

(730)

(105)

Increase in payables

 

2,669

1,080

330

Cash generated from operations

 

6,255

1,011

4,331

Tax paid

 

(216)

(193)

(653)

Net cash from operating activities

 

6,039

818

3,678

Cash flows from investing activities

 

 

 

 

Purchase of property, plant and equipment

 

(152)

(116)

(309)

Capitalised development costs

 

(180)

(252)

(462)

Purchased software

 

(53)

(160)

(193)

Net cash used in investing activities

 

(385)

(528)

(964)

Cash flows from financing activities

 

 

 

 

Repayment of borrowings

 

(75)

(746)

(1,259)

Share scheme interests realised in the period

 

-

-

5

Interest paid

 

(56)

(76)

(149)

Dividends paid

 

(498)

(329)

(498)

Net cash used in financing activities

 

(629)

(1,151)

(1,901)

Effect of exchange rate changes on cash and cash equivalents

 

145

(286)

(414)

Net increase/(decrease) in cash and cash equivalents

 

5,170

(1,147)

399

Cash and cash equivalents at the beginning of the period

 

4,721

4,322

4,322

Cash and cash equivalents at the end of the period

9

9,891

3,175

4,721

 

Notes

1.       General information

These consolidated interim financial statements were approved by the Board of Directors on 17 July 2018.

2.       Basis of preparation

These consolidated interim financial statements of the Group are for the six months ended 31 May 2018.

The comparative figures for the financial year ended 30 November 2017 are not the Group's statutory accounts for that financial year.  Those statutory accounts have been reported on by the Group's auditor and delivered to the Registrar of Companies.  The report of the auditor was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report and (iii) did not contain a statement under Section 498 of the Companies Act 2006.

The condensed consolidated interim financial statements for the six months to 31 May 2018 do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements as at 30 November 2017.

The condensed consolidated interim financial statements for the six months to 31 May 2018 have not been audited or reviewed by an auditor pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.

The condensed consolidated interim financial statements for the six months to 31 May 2018 have been prepared on the basis of the accounting policies expected to be adopted for the year ending 30 November 2018.  These are anticipated to be consistent with those set out in the Group's latest annual financial statements for the year ended 30 November 2017.  These accounting policies are drawn up in accordance with adopted International Accounting Standards ('IAS') and International Financial Reporting Standards ('IFRS') as issued by the International Accounting Standards Board and adopted by the EU.

Significant accounting policies

AIM-listed companies are not required to comply with IAS 34 Interim Financial Reporting and accordingly the Company has taken advantage of this exemption.

 

3.       Segmental analysis

IFRS 8 'Operating segments' requires operating segments to be determined based on the Group's internal reporting to the Chief Operating Decision Maker ('CODM').  The CODM has been determined to be the Chief Executive as he is primarily responsible for the allocation of resources to the segments and the assessment of the performance of each of the segments.  Segment information is presented in respect of the Group's strategic operating segments. The operating segment reporting format reflects the differing economic characteristics and nature of the services provided by the Group and is the basis on which strategic and operating decisions are made by the CODM.

The CODM uses underlying operating profit, as reviewed at monthly business review meetings, as the key measure of the segments' results as it reflects the segments' underlying trading performance for the period under evaluation.  Underlying operating profit is a consistent measure within the Group.

 

 

Unaudited
six months
ended
31 May 2018
£000

Unaudited
six months
ended
31 May 2017
£000


Year
ended
30 Nov 2017
£000

Revenue

 

 

 

Systems

24,276

22,435

46,062

Integration & Managed Services

10,661

12,049

25,139

Total segmental revenue

34,937

34,484

71,201

Reconciliation to consolidated revenue:

 

 

 

Intra-Group sales

(197)

(822)

(1,099)

 

34,740

33,662

70,102


 
 

 

 

Unaudited
six months
ended
31 May 2018
£000

Unaudited
six months
ended
31 May 2017
£000


Year
ended
30 Nov 2017
£000

Underlying operating profit

 

 

 

Systems

2,368

                 1,970

4,238

Integration & Managed Services

330

529

994

Total segmental underlying operating profit

2,698

2,499

5,232

Reconciliation to consolidated underlying operating profit:

 

 

 

Central costs

(1,180)

(1,121)

(2,083)

 

1,518

1,378

3,149

 

Underlying operating profit from operations is reconciled to total profit from operations as follows:

 

Unaudited
six months
ended
31 May 2018
£000

Unaudited
six months
ended
31 May 2017
£000


Year
ended
30 Nov 2017
£000

Underlying operating profit

1,518

1,378

3,149

Non-underlying items (note 4)

(12)

(11)

(23)

 

1,506

1,367

3,126

 

4.       Non-underlying items
 

 

Unaudited
six months
ended

31 May 2018
£000

Unaudited
six months
ended

31 May 2017
£000


Year

ended

30 Nov 2017
£000

Amortisation of acquired intangible assets

12

11

23

               

 

5.       Income tax expense

The income tax expense for the period is based on the estimated rate of corporation tax that is likely to be effective for the year to 30 November 2018.

 

 

6.       Dividends

An interim dividend of 1.2p per share, totalling approximately £210,000 will be paid on 14 September 2018 to shareholders on the register as at 17 August 2018.

 

  

7.       Earnings per share

Earnings per share are as follows:

 

Unaudited
six months
ended

31 May 2018
Pence per share

Unaudited
six months
ended

31 May 2017 Pence per share


Year

ended

30 Nov 2017 Pence per share

Basic earnings per share

5.9

6.3

15.5

Diluted earnings per share

5.9

6.1

15.1

Underlying basic earnings per share

6.0

6.4

15.6

Underlying diluted earnings per share

5.9

6.2

15.2

 

 

 

 

The calculations of basic and underlying earnings per share are based upon:

 

 

 

 

£000

£000

£000

Earnings for basic and diluted earnings per share

983

1,043

2,553

Non-underlying items

12

11

23

Impact of non-underlying items on tax expense for the period

(4)

(4)

(8)

Earnings for underlying basic and underlying diluted earnings per share

991

1,050

2,568

 

 

 

 

 

000

000

000

Weighted average number of ordinary shares - basic calculation

16,554

16,468

16,480

Dilutive potential ordinary shares arising from share options

183

516

466

Weighted average number of ordinary shares - diluted calculation

16,737

16,984

16,946

 

8.       Loans and borrowings

 

Unaudited

31 May 2018
£000

Unaudited

31 May 2017
£000

 

30 Nov 2017
£000

Bank term loans

825

1,411

900

Bank overdraft

-

2,400

-

Total

825

3,811

900

 

9.     Cash and cash equivalents

For the purpose of the Consolidated Cash Flow Statement, cash and cash equivalents comprise the following:

 

Unaudited

31 May 2018
£000

Unaudited

31 May 2017
£000

 

30 Nov 2017
£000

Cash at bank and in hand

9,891

5,575

4,721

Bank overdraft

-

(2,400)

-

 

9,891

3,175

4,721

10.    Copies of this statement will be sent to shareholders and will be available on the Group's website (www.synecticsplc.com) and from Synectics plc, Studley Point, 88 Birmingham Road, Studley, Warwickshire, B80 7AS.

- Ends -


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Interim Results - RNS