Synectics
SNX · AIM · Industrial Goods and Services · mcap £35m · 202.5p 2 open situations →
Synectics supplies Synergy security and surveillance software and related systems to gaming, energy, transport and critical infrastructure customers. Its Ocular Integration arm installs the systems, including CCTV on buses and security upgrades at utility sites.
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Product-led software transformation
Includes New business contract momentum – Energy deals slipping into FY27; FY26 EBITDA top end
The shift to a product-led software model was set out in December 2025, with FY26 as an investment year. The 18 Aug 2026 interims said the '5P' strategy was on track. On 6 Oct 2026 the Board cited stronger margins and early benefits from simplified deployment, partner account management and commercial discipline, and is confident entering FY27.
- Next milestone
- Unaudited interim results in August
- Status
- Product, Market Presence, Productivity, People on track; Partners progressing, some elements slower 18 Aug 2026 ↗
- Launches
- Scene Check and Synergy SEARCH AI modules; CAPSS cyber certification achieved 18 Aug 2026 ↗
- Gross margin
- 48% in H1 2026 against 41% in H1 2025 18 Aug 2026 ↗
- Payoff timing
- Stronger financial performance expected from FY27 onwards 6 Oct 2026 ↗
- Board change
- Peter Kear joins as Senior Independent NED; Jon Kempster interim Chair; search for permanent Chair continues 18 Aug 2026 ↗
Next: FY26 results; benefits expected from FY27
- 6 Oct 2026 Early benefits emerging; on track
- 18 Aug 2026 On track; FY26 investment year, growth from FY27
- 18 May 2026 Execution; initiatives progressing as planned
- 3 Mar 2026 Execution phase; FY26 investment year
New business contract momentum
Part of Product-led software transformation – Early benefits emerging; on track
Since February 2026, wins in transport, gaming, offshore wind and carbon capture have helped replace the one-off gaming revenue. The 18 Aug 2026 interims guided FY26 EBITDA to £3.7m up to market expectations of £4.1m on uncertain Energy conversion. Wins followed on 24 Aug (£1.4m Eni FPSO) and 3 Sep 2026 (£1.4m UK bus award). On 6 Oct 2026 the company said FY26 EBITDA will be at the top end, with Energy deals extending into FY27.
- Delivery
- Expected during Q1 2027 24 Aug 2026 ↗
- Scope
- Cameras, digital mirror systems and on-vehicle video surveillance; over half the vehicles connected to Transport Cloud Services 3 Sep 2026 ↗
- Latest win
- £1.4m Ocular contracts for 220 new buses, UK regional authority, announced 3 Sep 2026 3 Sep 2026 ↗
- Timing
- New fleet due to go into service this autumn 3 Sep 2026 ↗
- FY26 EBITDA
- Top end of £3.7m-£4.1m range (update 6 Oct 2026) 6 Oct 2026 ↗
- FY26 revenue
- In line with current market expectations 6 Oct 2026 ↗
Next: Energy opportunities converting in FY27; FY26 results
- 6 Oct 2026 Energy deals slipping into FY27; FY26 EBITDA top end
- 3 Sep 2026 Transport win added; Energy conversion timing uncertain
- 24 Aug 2026 Energy win added; conversion timing still uncertain
- 18 Aug 2026 Wins continue; Energy timing uncertain, guidance now a range
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Company filings. Not investment advice.