Synectics' full year revenues fall due to impact of pandemic
The advanced security and surveillance systems firm Synectics today revealed that its full year revenues had fallen due to the impact of the pandemic.
For the year to 30 November 2020, Synectics' consolidated revenue was £44.6 million, compared with £68.5 million the year before. The underlying loss before tax was £4.1 million, compared with a profit of £2.5 million in 2019.
In a statement, Synectics said: "For almost all of the financial year to 30 November 2020, and the period since, Synectics has operated in a global environment the likes of which few of us could have imagined 12 months ago.
"While the spread of the group's commercial and government customers provided some cushion, a number of our end markets have suffered significant pandemic-related impacts, particularly global casinos and gaming resorts.
"As a result, our consolidated revenues in the year ended 30 November 2020 declined by 35% compared to 2019 and the group incurred both underlying losses and additional costs to realign our expense base. These impacts, and the actions taken to address them, also placed heavy personal and professional burdens on Synectics' management team and staff."
Paul Webb, chief executive of Synectics, said : "Results have clearly been significantly affected by the pandemic, particularly in our global gaming markets. However, the business is well placed to capitalise on recent landmark project wins, which utilise its latest technology developments."