Synertec Corporation (ASX: $SOP) FY24 H1 Financial Results & Powerhouse Success

Synertec Corporation Limited (ASX: $SOP) has reported a 25% increase in revenue and other income to $9.1 million for the six months ending 31 December 2023. The company's Powerhouse technology has been recognized in Santos Limited's Sustainability and Climate Report 2023 for its contribution to reducing carbon emissions. Synertec's Managing Director, Mr. Michael Carroll, expressed delight at the recognition and highlighted the company's strong position for accelerated earnings growth in the future.

Synertec's Managing Director, Mr. Michael Carroll, on FY24 H1 Performance

We are delighted to see Powerhouse recognised by Santos in their recent Sustainability and Climate Report 2023 report, which is a positive reflection of the technology's performance and its ability to help Santos efficiently reduce their carbon emissions. The assembly of the next two contracted assets to be deployed for Santos is on schedule and budget with the units expected to contribute financially in FY24. The large target market we see for Powerhouse across both domestic and international markets requiring reliable, continuous, affordable and sustainable base load power, provides a significant growth opportunity for Synertec and one that has the potential to substantially elevate Synertec's financial profile in coming years.

Synertec Corporation (ASX: $SOP) FY24 H1 Financial Results & Outlook

Synertec Corporation (ASX: $SOP) has reported a 25% increase in revenue and other income to $9.1 million for the six months ending 31 December 2023. The company's Powerhouse technology has been recognized in Santos Limited's Sustainability and Climate Report 2023 for its contribution to reducing carbon emissions. Synertec's Managing Director, Mr. Michael Carroll, highlighted the company's strong position for accelerated earnings growth in the future. The company anticipates having three contracted assets in operation for Santos by the end of FY24 and is advancing discussions with leading global energy and mining companies for the future deployment of Powerhouse technology. Synertec will focus on completing delivery of the next two Powerhouse assets to Santos, advancing current Powerhouse technology deployment opportunities with other potential customers, and building on the growth of the Engineering business to deliver annual profitability and positive operating cash flow.