Synectics plc
Climate Impact & Sustainability Data (2021, 2023)
Reporting Period: 2021
Environmental Metrics
ESG Focus Areas
- Environment
- Social
- Governance
Environmental Achievements
- Increased the amount of waste recycled across the Group
- Reduced energy consumption compared to the previous year
Social Achievements
- Redoubled focus on employee health and well-being
- Continued commitment to diversity and equality
- Contribution to a range of charitable and community initiatives
Governance Achievements
- Comprehensive suite of policies covering conduct and ethics
- Anti-bribery, modern slavery, and safeguarding policies implemented
- All UK sites certified to ISO 27001 (Information Security Management System)
Climate Goals & Targets
Environmental Challenges
- Delayed recovery of international leisure travel impacting the Systems Division's main sector (Global Gaming)
- Supply chain pressures affecting the electronics industry globally
Mitigation Strategies
- Cost reductions from restructuring implemented in 2020
- Increased share of more profitable software-based sales
- Multi-year support agreements with customers
- Vigorous checks on suppliers, development of alternative sources of key components, robust stock management, and supplier buffer stocks
Supply Chain Management
Responsible Procurement
- Commitment to upholding environmental control throughout the supply chain
- Requirement for suppliers to commit formally to upholding standards of business ethics
Climate-Related Risks & Opportunities
Reporting Period: 2023
Environmental Metrics
ESG Focus Areas
- Employees and People
- Communities and Social Impact
- Ethics and Governance
- Products and Services
- Climate and Nature
Social Achievements
- Performed a global salary and benefits benchmarking review and implemented the results
- Renewed focus on health & well-being including hybrid working where roles allow
Governance Achievements
- Appointed specialist external advisors to help undertake a review to inform its future ESG strategies
Climate Goals & Targets
Environmental Challenges
- Continued delay in the refurbishment of large casinos in North America
- Sales into the public space sector continued to be challenging in FY 2023, largely due to continued budget constraints
- Market competition for key leadership and specialist talent has become increasingly strong
- Changing commercial behaviour by some suppliers and component shortages has increased the supply-chain risk and driven up prices of certain components
Mitigation Strategies
- Enhanced recruitment and onboarding procedures
- Competitive remuneration packages and incentive structures
- New apprenticeship scheme
- Annual employee survey supplemented by regular ‘pulse’ checks
- Measures to support employee health and well-being
- Targeting adjacent markets
- Reinvigorated focus on business development
- Thorough assessments on all new suppliers
- Exploring alternative sources for crucial components
- Stringent stock management practices
- 12-month rolling forecasts to key suppliers
- Suppliers maintaining buffer stocks of critical components
- Holding safety stocks as necessary
Supply Chain Management
Responsible Procurement
- Rigorous quality standards in all operations
- Maintaining the same standards of its supplier base
- Thorough assessments on all new suppliers
- Exploring alternative sources for crucial components
- Regular communication with suppliers
- Monitoring supplier performance