Surveillance systems maker Synectics said trading in the first quarter was slightly ahead of its board’s expectations.
Synectics chairman David Coghlan put a good performance down to “an improved contribution from public space and infrastructure security systems in the UK, including the National Grid contract.”
The Sheffield-based company won a five-year contract to provide surveillance software for the National Grid earlier this year.
“Encouraging progress” in global oil and gas markets were also contributors to the strong results, Coghlan said.
The firm’s consolidated order book was approximately £29.0m, as of 31 March 2022. This was compared to £28.4m as of 30 November 2021.
The group said its balance sheet remainsedstrong with net cash of approximately £3.9m, versus some £4.6m as of 30 November 2021.
Coghlan added: “Activity in Synectics’ main regional markets has continued the pattern shown in the second half of the last financial year with continued modest recovery in the UK and Europe, the pipeline of expected orders in North America progressing steadily, and Asian markets remaining subdued, but with some evidence that these look likely to turn by early next year.”