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Synergy Health - Very positive Q1 trading

August 2009

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  • Epic Code:
  • SYR
  • Price:
  • 498p
Synergy's Q1 statement read well with the company reporting a “very positive start.† Overall, sales were up 10% to £72.6m compared to the same quarter last year. The biggest element of sales are in the UK where sales were said to be only up 1% to £38.8m but this hides the fact that there has been an exit from lower margin commodity areas and underlying growth on core decontamination sales is on a 20% trajectory helped by additional contracts to be built out as well as additional growth to come from the expansion in China.European sales were up 22% to £31.6m. The big keynote was that Synergy continues to see improvements in its net operating margins and remains on course to have these fully restored by the autumn of thi ...

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