Synectics hits the jackpot with lucrative contract wins at world's top casino resorts

The Sheffield-based firm has been boosted by million pound project wins in casino resort locations in Macau, a huge resort in the Philippines and a Las Vegas casino.

The group said it has seen minimum impact from Brexit, especially compared with other businesses. It said this is due to low volumes of trade with the EU and the fact that much of its earnings are in dollars and therefore it is likely to see some benefit from the fall in sterling.

In addition, Brexit will have little impact to the competitiveness of the business as most of it is in the US and overseas. Synectics said it will continue to monitor the impact of Brexit, but it has seen no damage so far.

Chairman David Coghlan said: “We do not currently see any direct risks to the group from a potential change in the UK’s relationship with the EU.

“If the current lower level of sterling persists we will see some limited benefit in the translation of the group’s foreign currency earnings, and in the competitiveness of our sterling-based exports. Obviously though, the board is keeping a close eye on any risks or opportunities that may emerge.”

Revenue dipped from £32.6m to £32.1m in the six months to May 31 although pre-tax profits rose to £200,000 from a loss of £100,000.

The order book rose 34 per cent to £35.7m.

Chief executive Paul Webb said: “We have delivered a substantial increase in our order books across the business, laying the foundations for a strong second half, and have built a highly capable team with the clear sense of purpose to lead and deliver both solid performance and future growth.”

Historically, the oil and gas industry has been Synectics’ largest customer. The group said it has been hit by lower capital spending across the oil and gas sector, although it is starting to see some early signs of positive movement in the market.

“The other markets we serve have held up comparatively well, particularly for high end specialised surveillance applications such as casinos, airports and critical infrastructure,” said Mr Coghlan.