Synectics PLC - Business Update
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("Synectics", the "Company" or the "Group")
Further to the Company's announcement of
The Company has a solid cash position and measures in place to ensure that it remains financially sound during this period of uncertainty and beyond. The Group's available consolidated net cash balance was
The Board has taken mitigating actions to preserve the Group's cash and protect the business, including:
· Reducing temporarily salaries and fees for the Board and senior management team across the Group;
· Utilising the
· Applying for support, as appropriate, from government schemes in the US,
· Suspending all discretionary spending, recruitment and capital expenditure in addition to withdrawing the resolution to recommend payment of the final dividend at the AGM.
All the Company's business units are currently operating, but at significantly reduced levels of activity in every sector and geography. Reasonable levels of design and planning work are continuing for projects now expected to proceed later in the year than originally anticipated.
We continue to provide essential service and support to our customers on-site where required and have increased our remote support capabilities. The Company's business is to provide security and safety systems; employees and customers are well aware of the role they play in protecting communities around the world and we are making every effort to ensure that customers can continue to rely on us at this difficult time.
Planned investment in software development continues, with only limited impact as a result of COVID-19.
With most staff working from home and others furloughed, we have instigated a specific programme to keep colleagues connected to the business and each other. The Group is making extensive use of video conferencing and other communication tools to facilitate continued effective teamwork and to minimise any potential sense of isolation.
Synectics' priorities continue to be:
· to protect the health and well-being of its employees and customers;
· to provide ongoing support to its customers, especially where we are providing essential security and safety; and
· to manage the business for the long term by prudent actions to preserve cash and maintain capability.
As announced on
Regular updates are provided on the Company's website and further announcements will be made as appropriate.
"Synectics is a global business with a solid balance sheet, and we have taken immediate measures to contain costs and protect our financial position.
"The Company fills a number of important roles in the wider security and surveillance industry. The Board is determined that Synectics will maintain its skills, resources and product development momentum and, by doing so, be well-placed for new opportunities that will undoubtedly emerge as we reach the other side of the current hiatus."
For further information, please contact:
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Tel: +44 (0) 114 280 2828
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Tel: +44 (0) 20 7408 4050
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This information is provided by RNS, the news service of the
Quick facts: Synectics
Market Cap: £20.46 m
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