Synergy says start of 2009 is strong

Synergy has started the new financial year stronger than before, it has claimed.

The company, which is due to release its results for the three months up to March 29th 2009 in June, said it had so far performed in line with expectations.

Due to expenditure associated with a number of large capital projects, new debt has increased from 167 million pounds in the third quarter of 2008 to 170 million pounds.

The downturn in the economy has affected the company’s drug and alcohol testing laboratories but Synergy asserted the rest of the group’s sales had continued to grow.

As well as a number of other restructuring activities, some operating sites have been closed in order to “offset the margin dilution caused by increased energy charges”, the company explained.

It added these figures will be filed as non-recurring charges in the income statement.

“We ? plan to recover group net operating margins to levels previously achieved by the autumn of 2009, in line with previous guidance,” the firm concluded.

The company employs more than 3,700 people worldwide and is headquartered in Swindon, UK.