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Synectics swings to H1 pretax loss

By BFN News | 07:49 AM | Tuesday 29 July, 2014


Synectics booked an H1 pretax loss of £2.6m, from a profit of £3.3m. Revenue was £31.8m, from £40.7m. Its order book stood at £32.9m, from £28.1m at November 30 last year. CEO John Shepherd said although H1 trading was worse than expected none of the fundamental factors which will drive profitable growth have changed. "We continue to focus on delivering advanced proprietary integrated command and control systems to the most demanding global customers and invest in the intellectual property necessary to keep us ahead of the competition," he said in a statement. "The detailed reasons for the shortfall against expectations are set out in the Chairman's Statement and I firmly believe that those factors which are within our control have been properly addressed and will not recur. "We have undertaken a thorough review of all projects to ensure there are no further material loss-making contracts and, now integration of the Systems division has been completed, there will be no more disruption to operations. "We have not allowed these setbacks to slow progress against our strategic objectives, especially the launch of our integrated command and control software platform - Synergy 3, which is gaining significant interest in the market. We have seen strong growth in the Group's consolidated order book and qualified pipeline and are therefore well positioned to maximise the opportunities we can see in our chosen niche markets especially in the Middle and Far East. "I expect a strong performance in the second half of this year and for that momentum to continue into 2015 and beyond." Story provided by StockMarketWire.com

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