Synectics

SNX · AIM · Industrial Goods and Services · mcap £35m · 192.5p 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.

Target	Promise	Said	Status
2024
30 Nov 2024	Deliver three gaming contracts (Ontario, Omaha, Maryland) worth $2.0m during FY2024.	24 Apr 2024	✓ Kept
	“three contracts for customers in Ontario, Omaha and Maryland, with a combined value of $2.0 million to be delivered during FY 2024” How it developed 24 Apr 2024 Said “three contracts for customers in Ontario, Omaha and Maryland, with a combined value of $2.0 million to be delivered during FY 2024” 4 Mar 2025 ✓ Kept “Continued momentum in contract wins, including material Gaming awards announced in the US and South-East Asia worth an aggregate $4.9 million” Result FY24 results showed revenue £55.8m, ahead of expectations; no delay to these contracts was reported. “Continued momentum in contract wins, including material Gaming awards announced in the US and South-East Asia worth an aggregate $4.9 million”4 Mar 2025 · Final Results
2025
30 Nov 2025	Deliver US$10m South-East Asian gaming resort surveillance upgrade by 30 November 2025.	18 Jun 2024	✓ Kept
	“Delivery of the Contract is anticipated to commence late in the Company's current financial year ending 30 November 2024 with completion expected by the end of the financial year ending 30 November 2025.” How it developed 18 Jun 2024 Said “Delivery of the Contract is anticipated to commence late in the Company's current financial year ending 30 November 2024 with completion expected by the end...” 18 Aug 2026 ✓ Kept “As expected, trading in FY26 has returned towards the Group's more typical second-half weighting following the significant non-repeating gaming contract...” Result H1 2026 revenue fell on absence of prior-year gaming contract, indicating the work was largely completed in FY25. “As expected, trading in FY26 has returned towards the Group's more typical second-half weighting following the significant non-repeating gaming contract which benefited H1 last year.”18 Aug 2026 · Half-year Results
30 Nov 2025	Board confident in FY2025 performance, underpinned by the £37.8m order book.	9 Dec 2024	✓ Kept
	“strong order book, totalling approximately £37.8 million, underpinning the Board's confidence for the year ending 30 November 2025” How it developed 9 Dec 2024 Said “strong order book, totalling approximately £37.8 million, underpinning the Board's confidence for the year ending 30 November 2025” 3 Mar 2026 ✓ Kept “Revenue increased by 22.0% to £68.1 million (FY24: £55.8 million) · Adjusted EBITDA1 increased by 36.1% to £8.5 million (FY24: £6.3 million)” Result FY25 revenue £68.1m and adjusted EBITDA £8.5m, above the £65m revenue expectation. “Revenue increased by 22.0% to £68.1 million (FY24: £55.8 million) · Adjusted EBITDA1 increased by 36.1% to £8.5 million (FY24: £6.3 million)”3 Mar 2026 · Final Results and Strategic Update “FY25 has been an important year for Synectics. We delivered robust financial growth, supported by the successful execution of a major gaming project”3 Mar 2026 · Final Results and Strategic Update
30 Nov 2025	Introduce subscription pricing for core Synergy technology by end of FY25.	4 Mar 2025	✗ Missed · target changed
	“introducing subscription pricing for our core Synergy technology by the end of FY25, aiming to drive increased levels of recurring revenues” How it developed 4 Mar 2025 Said “introducing subscription pricing for our core Synergy technology by the end of FY25, aiming to drive increased levels of recurring revenues” 20 Oct 2026 ↻ Changed / dropped Result Not mentioned in the 4 results reports since the deadline (2025-11-30) – treated as dropped. 17 Dec 2025 · Full Year Trading Update
2026
31 Mar 2026	West Midlands Police first site live April 2025; remaining sites within twelve months.	31 Mar 2025	✗ Missed · target changed
	“The first site is expected to go live in April 2025, with the remaining sites being delivered over the next twelve months.” How it developed 31 Mar 2025 Said “The first site is expected to go live in April 2025, with the remaining sites being delivered over the next twelve months.” 20 Oct 2026 ↻ Changed / dropped Result Not mentioned in the 2 results reports since the deadline (2026-03-31) – treated as dropped.
12 May 2026	Complete Stagecoach On-Board Hub pilot within twelve months.	12 May 2025	◐ Partly kept
	“The pilot is expected to be completed within twelve months, with the expectation that it is deployed more widely upon successful completion.” Result Stagecoach later extended its framework and placed £1.5m of orders; pilot completion not stated. 18 Jun 2026 · New Stagecoach Orders Totalling £1.5m
Today · 20 Oct 2026
FY26	FY26 adjusted EBITDA in the range of £3.7m to £4.1m.	18 Aug 2026	… In progress
	“Full year adjusted EBITDA is therefore expected to be in the range of £3.7 million to current market expectations” Status so far Not yet due.
2026	Supply Qatar COEX camera stations in two phases, 2025 and 2026.	25 Nov 2024	… In progress
	“The COEX camera stations will be supplied in two phases, expected to occur in 2025 and 2026.” Status so far Not yet due.
2026	Wider commercial launch of Synergy SEARCH later in 2026.	11 Aug 2026	… In progress
	“ahead of a wider commercial launch later this year” Status so far Not yet due.
2027
31 Mar 2027	Deliver Kutei FPSO security and surveillance solution in Q1 2027.	24 Aug 2026	… In progress
	“The contract is expected to be delivered during Q1 2027.” Status so far Not yet due.
FY27	Double-digit revenue growth in FY27, EBITDA above normalised FY25 levels, and stronger performance from FY27.	3 Mar 2026	… In progress
	“Double-digit revenue growth is expected in FY27, with EBITDA anticipated to exceed normalised FY25 levels” Also stated 18 Aug 2026 How it developed 3 Mar 2026 Said “Double-digit revenue growth is expected in FY27, with EBITDA anticipated to exceed normalised FY25 levels” 18 Aug 2026 Said “The Board expects these capabilities to progressively translate into stronger financial performance from FY27 onwards.” Status so far Not yet due.
FY27	Scalable growth: from FY27 by FY27	18 Aug 2026	… In progress
	“I am looking forward to working with him as we continue to execute the transformation of Synectics to build a product-and partner-led business that can deliver scalable growth from FY27.” Status so far Not yet due.