Synectics makes security and surveillance software and rugged cameras for casinos, oil platforms, bus fleets and utilities. A giant gaming contract lifted revenue to £68m in the year to November 2025. In 2026 that contract is gone, Middle East conflict has delayed Energy orders, and half-year revenue fell 37% to £22m. The board now says the payoff from its rebuild comes from FY27.
Cameras and software for places that cannot afford to fail
Synectics (AIM: SNX) has two businesses. Synectic Systems sells Synergy, its own video-management software, through about 65 partners and systems integrators. Synergy runs in casinos, town centres, stadiums and critical infrastructure. Systems also makes COEX explosion-protected cameras for refineries, pipelines and offshore platforms, with Saudi Aramco and Shell among its customers.
Ocular Integration, rebranded from Synectics Security in November 2024, installs CCTV on vehicles and at secure sites. Its customers include Stagecoach, Bus Eireann, West Midlands Police and National Grid. The group focuses on five sectors: critical infrastructure, energy, public space, transport, and leisure and hospitality. It puts its serviceable market at about £2bn. Most revenue comes from projects, so results depend on when large orders are won and delivered. 9 Jul 2024 8 Jul 2025 3 Mar 2026 18 Aug 2026 28 Oct 2024
Recovery on oil and gas, then a gaming windfall
After a restructuring begun in 2020, the core markets returned to growth. Revenue rose 26% to £49m in FY23, helped by oil and gas demand. FY24 brought £56m and a record cash balance. In August 2024 chief executive Paul Webb died suddenly. Finance chief Amanda Larnder stepped in and was made permanent CEO that November.
The big driver was gaming. A US$10m upgrade at a South-East Asian casino resort was won in June 2024, and US$3.2m followed in September. The company delivered most of it in H1 FY25. In FY25 gaming work brought in about £12m. Revenue rose 22% to £68m and adjusted EBITDA (profit before interest, tax, depreciation and one-offs) rose 36% to £8.5m. The shares climbed from 105p in October 2023 to 360p in February 2025. 27 Feb 2024 29 Aug 2024 18 Nov 2024 18 Jun 2024 9 Sep 2024 8 Jul 2025 3 Mar 2026
The order book shrinks and the strategy changes
Once the casino contract was delivered, the order book fell from £38.5m to £26.5m at November 2025. The December 2025 trading update showed that figure. The shares closed that month at 225p and reached 185p by March 2026.
With FY25 results on 3 March 2026, management launched a '5P' plan: Product, Partners, Market Presence, Productivity and People. It aims to turn a project-led business into a product- and partner-led one, with more recurring software revenue. The company called FY26 a transitional investment year. 17 Dec 2025 3 Mar 2026
The Middle East conflict hits Energy
Conflict in the Middle East began in March 2026. The company says it delayed contract awards and project activity in Energy. In May it still reported trading in line with market expectations. By August the half-year showed revenue of £22m against £36m a year earlier, and adjusted EBITDA of £1.0m against £4.2m. Management said the full-year outcome would depend on when Energy orders convert. 18 May 2026 18 Aug 2026
Lumpy projects, one-off contracts
The record shows two things. First, results swing with a few large contracts. One casino deal flattered FY25 and its absence depresses FY26, while Energy timing now adds uncertainty. Second, the shift to recurring revenue and partners is slow. In March 2025 the company promised subscription pricing for core Synergy by the end of FY25. In 2026 it still describes subscription modules as being launched. The material does not say whether that pricing was introduced. 4 Mar 2025 3 Mar 2026 18 Aug 2026
A new team, a rebuild and some slippage
Larnder leads. Paul Williams joined as finance chief in August 2025. Singer Capital Markets became adviser and broker in October 2025. The chair is changing. Bob Holt is stepping down. Jon Kempster is interim chair while a search runs. Peter Kear joins as senior independent director and Andrew Lockwood leaves.
Progress on the 5P plan is mixed. Gross margin rose to 48% from 41%. Average project deployment time fell from 20 days to 15, against a year-end target of 5. The company reports CAPSS certification, a UK government cyber-security standard, for Synergy. It says it is the only UK-based integrated provider with it. Partner work has lagged. About 30% of account plans are done against a 90% target for year end. The company says it found a gap in account-management skills and has put new partner recruitment behind fixing it. The company has funded an employee benefit trust with up to £1.5m. The trust held 5.5% of shares by mid-July 2026. Whitehall Associated cut its stake from 29.5% to 25.7% in early 2025. Downing LLP fell from 11% to 8%. In March 2026 the CEO, the finance chief and a director's wife bought shares at 171p to 185p. 19 Jun 2025 16 Oct 2025 18 May 2026 18 Aug 2026 20 May 2026 13 Jul 2026 3 Mar 2026 9 Mar 2026 12 Mar 2026
“FY26 will be a focused transitional investment year, supported by a strong balance sheet, solid order book and good pipeline visibility” 3 Mar 2026
Smaller profit, intact balance sheet
At 31 May 2026 net cash was £10.5m with no bank debt, down from £14.1m in November. The order book was £26.4m, flat on November but below £35.1m a year earlier. The interim dividend stays at 2.2p. Since the period end, Oil & Gas order intake has exceeded the whole of H1, mostly from customers outside the Middle East. Recent wins include £1.5m from Stagecoach, US$2.4m from a West Coast US casino, and £1.4m for Eni's Kutei FPSO project in South-East Asia. On 6 October the company said FY26 revenue was in line with expectations and adjusted EBITDA would be at the top of £3.7m to £4.1m. The shares closed September at 170p. The latest close, on 19 October 2026, was 202.5p. 18 Aug 2026 30 Jul 2026 24 Aug 2026 6 Oct 2026
FY27 is the test
In March 2026 the company guided FY26 revenue about 10% below FY25, with mid-single-digit EBITDA margins. It also guided double-digit revenue growth in FY27, with EBITDA above normalised FY25 levels. It expects faster growth and margins by FY28. The August update kept the FY27 timing. The FY26 EBITDA range of £3.7m to £4.1m was set in August, with the top end indicated in October.
Open questions are whether the Energy pipeline turns into orders, and whether the partner and subscription plans move from plan to revenue. Management also faces the chair search. Next-generation COEX cameras are due for launch at ADIPEC in November. The Synergy SEARCH AI module and an infrastructure-as-a-service offer are due for wider launch later in 2026. 3 Mar 2026 18 Aug 2026 6 Oct 2026 11 Aug 2026
“The Board expects these capabilities to progressively translate into stronger financial performance from FY27 onwards.” 18 Aug 2026
Written by AI from Synectics's own announcements since Oct 2023 · every paragraph links to its sources