London, December 13, 2022 – Synectics, a leading provider of security and surveillance systems, experienced a remarkable surge in its shares, rising 31% in a single day. This marks the company’s highest one-day percentage increase in over 24 years. Investors were buoyed by Synectics’ optimistic outlook for fiscal 2023, following a robust performance in the second half of the year, particularly within the oil & gas market.
By 11:57 AM GMT, Synectics shares were trading at 137.50 pence, up 32.50 pence from the previous day’s closing. This impressive surge represents the largest one-day percentage rise since September 1999. Overall, Synectics’ shares have gained 22% year to date, illustrating the company’s ongoing success.
At the end of November, Synectics reported a significant increase in its order book. It stood at £28.6 million ($35.9 million), marking a considerable growth compared to £24.4 million from the same period last year. Furthermore, the company boasted a healthy cash balance of £4.6 million as of November 30.
Although Synectics has refrained from providing specific forecasts, analysts predict that its revenue for the fiscal year ended November 30 will reach £47.5 million. This estimate, taken from FactSet and based on a forecast by Shore Capital, demonstrates a notable increase compared to the £39.1 million achieved in fiscal 2022.
Synectics’ impressive performance not only highlights its resilience but also positions the company as a key player in the security and surveillance industry. As it continues to deliver strong results and exceed market expectations, Synectics remains well-positioned for future growth.