21 March 2019 – contract win

The company has revealed that it has secured a contract in the oil & gas sector which is expected to be worth around £1m in total.  This is the largest new oil & gas order received by the company for several years and is due to be delivered substantially in the current financial year.  Working through a major European engineering company, Synectics has been awarded the contract to provide linked surveillance systems across a number of new facilities in the Middle East.  The operator is investing significantly in new facilities for a national oil company.  This is clearly positive news and a BUY rating remains appropriate in our view.