Synectics (SNX): New business contract momentum
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SNX Synectics
23 Feb 2026 · New contracts won in Southeast Asia and Netherlands · −26% until the next step
This project marks a significant milestone for Synectics, as the first contract within the transport vertical in Southeast Asia and is expected to be delivered in FY26.
18 May 2026 · Wins broadening; energy awards delayed · +14% until the next step
Synectics has secured important customer wins during the first five months of FY 2026 and it is particularly encouraging to see this momentum that we're building with new and existing customers.
18 Jun 2026 · Wins broadening; Stagecoach orders added · −7% until the next step
These orders represent encouraging early momentum under our recently extended five-year framework agreement with Stagecoach and reinforce a relationship that has developed over more than two decades.
30 Jul 2026 · Wins broadening; US casino win added · −1% until the next step
The majority of the contract is expected to be delivered during 2027.
18 Aug 2026 · Wins continue; Energy timing uncertain, guidance now a range · +5% until the next step
Since the period end, Oil & Gas order intake has already exceeded that received during H1, driven primarily by customers outside the Middle East.
24 Aug 2026 · Energy win added; conversion timing still uncertain · −1% until the next step
This is another strong win for Synectics in a strategically important market and demonstrates the continued opportunities we see across the global Energy sector.
3 Sep 2026 · Transport win added; Energy conversion timing uncertain · +5% until the next step
the project provides continued commercial momentum for Ocular in a market where the Group continues to see significant potential for growth.
6 Oct 2026 · Energy deals slipping into FY27; FY26 EBITDA top end · −5% since
These opportunities remain active and are expected to extend into FY27 with the Group continuing to hold a significant pipeline in the sector and encouraging signs of progression.
New business contract momentum
Energy deals slipping into FY27; FY26 EBITDA top end
Next: Energy opportunities converting in FY27; FY26 results
Every step · 8
- 23 Feb 2026 New contracts won in Southeast Asia and Netherlands – This project marks a significant milestone for Synectics, as the first contract within the transport vertical in Southeast Asia and is expected to be... ↗
- 18 May 2026 Wins broadening; energy awards delayed – Synectics has secured important customer wins during the first five months of FY 2026 and it is particularly encouraging to see this momentum that we're... ↗
- 18 Jun 2026 Wins broadening; Stagecoach orders added – These orders represent encouraging early momentum under our recently extended five-year framework agreement with Stagecoach and reinforce a relationship... ↗
- 30 Jul 2026 Wins broadening; US casino win added – The majority of the contract is expected to be delivered during 2027. ↗
- 18 Aug 2026 Wins continue; Energy timing uncertain, guidance now a range – Since the period end, Oil & Gas order intake has already exceeded that received during H1, driven primarily by customers outside the Middle East. ↗
- 24 Aug 2026 Energy win added; conversion timing still uncertain – This is another strong win for Synectics in a strategically important market and demonstrates the continued opportunities we see across the global Energy sector. ↗
- 3 Sep 2026 Transport win added; Energy conversion timing uncertain – the project provides continued commercial momentum for Ocular in a market where the Group continues to see significant potential for growth. ↗
- 6 Oct 2026 Energy deals slipping into FY27; FY26 EBITDA top end – These opportunities remain active and are expected to extend into FY27 with the Group continuing to hold a significant pipeline in the sector and... ↗
What is happening
Synectics: New business contract momentum – Energy deals slipping into FY27; FY26 EBITDA top end. ['Energy deals slipping into FY27; FY26 EBITDA top end']
- In short
- 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.
- Announced
- 23 Feb 2026 · New contracts won in Southeast Asia and Netherlands
- Latest
- 6 Oct 2026 · Energy deals slipping into FY27; FY26 EBITDA top end
- Delivery
- Expected during Q1 2027
- Scope
- Cameras, digital mirror systems and on-vehicle video surveillance; over half the vehicles connected to Transport Cloud Services
- Latest win
- £1.4m Ocular contracts for 220 new buses, UK regional authority, announced 3 Sep 2026
- Timing
- New fleet due to go into service this autumn
- FY26 EBITDA
- Top end of £3.7m-£4.1m range (update 6 Oct 2026)
- FY26 revenue
- In line with current market expectations
- Energy timing
- Some opportunities, particularly Middle East, now expected to extend into FY27
- Energy pipeline
- Significant, with encouraging signs of progression
What comes next
Energy opportunities converting in FY27; FY26 results.
From the company's own announcements. Not investment advice.
Briefing
Synectics in 4 minutes
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...
- Act 1Recovery on oil and gas, then a gaming windfall
- Act 2The order book shrinks and the strategy changes
- Act 3The Middle East conflict hits Energy
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