Synectics Regulatory News (SNX)

Synectics plc

("Synectics", the "Company" or the "Group")

Contract Wins with Long Term Customers

Synectics plc (AIM: SNX), a leader in the design, integration and support of advanced security and surveillance systems, announces the award of two new multi-year contracts with existing long-term customers.

Synectics' Systems division has been awarded a new five-year multi-million dollar support contract by a major casino operator for its flagship resort in Asia, further extending an existing long-term relationship.

Under the contract Synectics will continue to provide support and development of its market-leading Synergy 3 software platform, which plays an integral role in ensuring operational integrity, security and regulatory compliance at the resort. Essential elements underpinning this award were: the scalability and flexibility of the Synergy platform to develop as the resort does; Synectics' proven ability to develop functionality as new requirements emerge; and the quality of on-site support provided.

Secondly, Synectics' IMS division has been awarded a new three-year framework agreement by Stagecoach, the UK's largest bus and coach operator. The contract is an extension of Synectics' 18-year relationship with Stagecoach and covers the delivery of safety critical on-vehicle surveillance systems and maintenance support for their fleet of over 8,000 vehicles.

Paul Webb, Chief Executive of Synectics, commented: "Many of our customers view us as their preferred long-term partner, which carries with it a responsibility to repay the trust they place in us. 

"During this difficult period, the expertise and dedication of our teams are invaluable - as they continuously strive to provide the services and support required by all of our customers, whilst ensuring that everyone remains safe.

"These new contracts reflect our teams' exceptional commitment and underline our on-going strategy to build long-term partnerships with our customers."

COVID-19 Update

Since the Company's last update on 23 April 2020, the Board has continued to monitor the impact of Coronavirus (COVID-19) on Synectics' customers, business and employees. Management reviews its plan daily, following all relevant national government regulations and guidance.

Despite inevitable delays to many projects, the Group continues to deliver services and support to its customers, utilising a growing range of remote capabilities. These capabilities are also enabling the Group to work creatively with customers on new ways of delivering projects within our mutual Coronavirus safety constraints. 

The Group continues to maintain a solid net cash position and is proceeding as normal with its planned investment in the development of upcoming software capabilities.

Synectics' priorities continue to be: to protect the health and well-being of its employees and customers; to provide ongoing support to its customers, especially where we are providing essential security and safety; and to manage the business for the long term by prudent actions to preserve cash and maintain capability.

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