REG - Synectics PLC - Final Results and Strategic Update
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RNS Number : 0231V Synectics PLC 03 March 2026
3 March 2026
Synectics plc
("Synectics", the "Company" or the "Group")
Final Results for the Year Ended 30 November 2025 and Strategic Update
Robust performance, strong cash balance and solid closing order book
Good progress made on strategic transformation initiatives
Ongoing strategy expected to support accelerating returns and sustainable
growth from FY27 and beyond
Synectics plc (AIM: SNX), a leader in advanced security and surveillance
solutions, announces its audited final results for the year ended 30 November
2025 ("FY25").
Financial Highlights
· Revenue increased by 22.0% to £68.1 million (FY24: £55.8 million)
· Adjusted EBITDA(1) increased by 36.1% to £8.5 million (FY24: £6.3
million)
· Adjusted diluted earnings per share(2) increased significantly to
28.0p (FY24: 21.7p)
· Record cash balance at 30 November 2025 of £14.1 million with no
bank debt(3) (30 November 2024: £9.6 million, no bank debt)
· Solid order book at 30 November 2025 of £26.5 million (30 November
2024: £38.5 million). The change in order book from the prior year end
predominantly reflects the completion of a significant gaming contract
· Recommended final dividend of 2.8 pence per share (FY24: 2.5 pence)
giving an increased total dividend up 11.1% to 5.0 pence per share (FY24: 4.5
pence)
Operational Highlights and Strategic Update
· Solid operational performance across FY25
o Synectic Systems revenues up 21%, driven by a significant increase in
revenue from the leisure and hospitality sector
o Ocular Integration ("Ocular") revenues up 24%, underpinned by solid growth
across transport and critical infrastructure markets
· Successful execution of major gaming project contributing £12
million revenue in the year, demonstrating Synectics' capability to deliver
large-scale, mission critical deployments internationally
· Execution phase of a business-wide transformation underway
o Key focus centred on building a scalable, product-led business model
o Launch of enhanced global Systems Integrator partner programme, supporting
a shift towards partner-led growth and improved scalability
o Established a Senior Leadership Team for Synectic Systems with the
required expertise to deliver the transformational strategy
· Synergy DETECT was named Winner in the Surveillance / CCTV Innovation
category at the Benchmark Innovation Awards
· Appointment of Paul Williams to the Board as Chief Financial Officer
in August 2025
Outlook
· FY26 will be a focused transitional investment year, supported by a
strong balance sheet, solid order book and good pipeline visibility
· Revenue performance in FY26 is expected to be around 10% lower than
FY25 with growth offset by the absence of the significant one-off contract
delivered in FY25. This is alongside investment during FY26 in line with our
long-term growth, therefore FY26 is expected to deliver mid-single-digit
EBITDA margins
· Double-digit revenue growth is expected in FY27, with EBITDA
anticipated to exceed normalised FY25 levels once the impact of the
non-recurring contract is excluded
· By FY28, the Group anticipates further acceleration of revenue growth
and EBITDA margins as the strategic initiatives implemented in FY25 and FY26
create a robust platform for accelerating returns and sustainable growth
Commenting on the results, Amanda Larnder, Chief Executive Officer, said:
"FY25 has been an important year for Synectics. We delivered robust financial
growth, supported by the successful execution of a major gaming project, while
also taking meaningful steps to reposition the business for more scalable and
sustainable growth.
"Over the past year, I have focused on building the right leadership
capability, bringing greater clarity to how we operate and setting a clear
direction for a more scalable, product-led, partner-enabled future. FY26 will
be a year of disciplined transition as we embed these changes and continue to
invest in the capabilities required to scale effectively.
"With a strong balance sheet, solid order book and improving pipeline
visibility, I am confident that the work we have already undertaken in FY25,
and the progress we will continue to make in FY26 positions us well to
generate higher and more sustainable returns from FY27 and beyond."
(1) Adjusted EBITDA represents profit before share-based payments, finance
costs, tax, depreciation, amortisation and non-underlying items. (refer to
Note 2 below for a detailed breakdown)
(2 )Adjusted earnings per share is based on profit after tax but before
share-based payments and non-underlying items.
(3 )Excluding IFRS 16 lease liabilities.
The footnotes above apply throughout this announcement.
For further information, please contact:
Synectics plc Tel: +44 (0) 114 280 2828
Amanda Larnder, Chief Executive Officer www.synecticsplc.com
(https://url.avanan.click/v2/___http:/www.synecticsplc.com___.YXAxZTpzaG9yZWNhcDphOm86NTYwYTllNmRlNmEwMDZmMWYwNTkzZGIxYTRhYzMwZGI6NjpmZDdmOjU4MjU3MDliNWJmOWIyMGFjMjkxZGZhYzcwNzk1ZjUxY2FkNGM5NWQyYWU4ODAxMTUxOTg3ZDc1ZmNkYjk3NWI6cDpG)
Paul Williams, Chief Financial Officer
Claire Stewart, Company Secretary
email: info@synecticsplc.com
Singer Capital Markets Tel: +44 (0) 20 7496 3000
Jen Boorer / James Fischer / Patrick Weaver
Vigo Consulting Tel: +44 (0) 20 7390 0230
Jeremy Garcia / Fiona Hetherington / Peter Jacob
synectics@vigoconsulting.com (mailto:synectics@vigoconsulting.com)
About Synectics plc
Synectics plc (AIM: SNX) is a leader in advanced security and surveillance
solutions that help protect people, property and assets around the world.
It transforms customer operations by seamlessly integrating systems,
technologies, and data into a unified solution-enhancing safety, improving
efficiency, and enabling smarter, faster decision-making and response
capabilities.
With its technical expertise, decades of experience, and strong partnerships,
Synectics sets itself apart by delivering innovation and service that drive
real value and long-term success.
Find out more at www.synecticsplc.com (http://www.synecticsplc.com.)
Chair's Statement
I am pleased to report strong results for the year. These results were
delivered as a result of focused operational execution and careful cost
management. Importantly, we closed the year with a record cash balance and no
bank debt. The balance sheet strength provides the flexibility needed to
support our ongoing investment priorities while keeping financial resilience.
Throughout the year, the Board worked closely with the CEO to review the
Group's strategic positioning and operating model. It became clear that while
Synectics has solid foundations, the business requires sharper focus and
structural alignment to unlock its full potential. The Board fully supports
the transition underway towards a more scalable, product-led, and
partner-enabled business model.
FY25 was a year of both delivery and deliberate repositioning for Synectics.
From a Board perspective, the priority has been to ensure that financial
performance is matched by disciplined governance, thoughtful capital
allocation, and a clear strategic direction for sustainable long-term growth.
Governance and oversight remain central to our approach. The Board continues
to monitor progress against transformation milestones, commercial performance,
risk management, and capital allocation to ensure that the strategy is
executed with rigor and accountability.
We are committed to our progressive dividend policy, reflecting confidence in
the underlying strength of the business and its long-term prospects.
The Board believes Synectics is entering the next stage of its development
from a position of financial strength, strategic clarity, and improved
operational focus. We are confident that the actions that have been taken will
strengthen the Group's competitive position and deliver enhanced shareholder
value over the medium term.
On behalf of the Board, I would like to thank our shareholders and
stakeholders for their continued support and our employees for their
commitment and professionalism in delivering these results and advancing the
Group's long-term ambitions.
I look forward to updating you further on our progress in due course.
Bob Holt OBE
Non-Executive Chair
2 March 2026
Chief Executive Officer's Review
FY25 was a year of robust performance and the commencement of a strategic
transition for Synectics. We delivered solid financial results, reflecting
resilience across our core markets and the delivery of a significant gaming
contract, while simultaneously laying the next phase of our strategic and
operational foundations, focused on delivering sustainable growth.
Synectics' capabilities go far beyond traditional CCTV. In an increasingly
connected world faced with growing geopolitical uncertainty, we help critical
industries to stay ahead of threats and add value to their operations by
delivering intelligent, cyber-secure surveillance solutions that protect
people, infrastructure, and operations. Our platform combines video
management, cybersecurity, AI, and real-time insight with deep operational
expertise - helping our customers across the world, detect threats, prevent
loss, and improve performance.
As security and surveillance needs continue to evolve, so too does our
business and our strategy. We are therefore focused on building scalable,
product-led capabilities and a strong partner ecosystem, ensuring Synectics
can deliver greater value to customers more efficiently and at a greater
scale.
The progress we made in FY25 reflects the dedication and hard work of our
teams, and I want to thank them for their commitment, resilience, and focus
during such a pivotal time for the business.
FY25: Delivery During Transition
During FY25, we balanced strong operational delivery with early progress on
reshaping the business.
Revenue increased to £68.1 million (FY24: £55.8 million), supported by the
successful delivery of a significant non-recurring gaming contract in
South-East Asia, and adjusted EBITDA grew to £8.5 million (FY24: £6.3
million). We entered FY26 with a solid order book and good pipeline
visibility.
The year marked an important period of review, insight, and capability
development for the Group. In my first year as CEO, we spent time examining
our markets, products and ways of working, challenging long-held assumptions
and assessing the business' position to scale in a changing technology and
customer environment. That work has shaped the future direction we are taking.
Business Review - Synectic Systems
Synectic Systems delivered a solid performance in FY25, combining resilient
trading across its core sectors with the successful execution of a significant
gaming deployment in South-East Asia.
During the year, a new leadership team was established to drive the next phase
of the business' development. Dedicated product management and customer
experience capabilities were created, the global systems integrator partner
programme was expanded and enhanced, and a commercial transformation was
initiated to improve execution discipline. Our continued focus on product
innovation was reflected in Synergy DETECT being named Winner in the
Surveillance / CCTV Innovation category at the Benchmark Innovation Awards
2025.
Long-term demand drivers across Synectic Systems' core markets remain
compelling. Within gaming and leisure, continued investment in large-scale
integrated resorts and destination entertainment complexes is driving the need
for advanced, scalable surveillance and operational intelligence platforms.
Across energy and wider critical infrastructure, operators are prioritising
resilience, asset protection and cyber security, alongside investment in grid
modernisation and renewable integration. During the year, we secured our first
renewables contracts, marking an important milestone in expanding our
traditional oil and gas focus into the broader energy market. In the Middle
East, our newly established presence in the UAE continues to gain momentum
with a local partner appointed, our demonstration facility established, a
growing pipeline of opportunities and SIRA certification nearing completion.
These trends, combined with increasing regulatory scrutiny and geopolitical
uncertainty, are reinforcing demand for intelligent, cyber-secure surveillance
solutions. Synectic Systems is well positioned to capitalise on these
opportunities and is in the final stages of the NPSA's Cyber Assurance of
Physical Security Systems evaluation process for Synergy, further
strengthening its credentials in highly regulated and security-sensitive
environments.
The business is now focused on disciplined execution, improving delivery
consistency and strengthening commercial momentum across its priority sectors.
With the foundations put in place during FY25, Synectic Systems enters FY26
with clear operational focus and enhanced leadership capability, as it
continues to embed the changes required to support improved operational
performance and commercial effectiveness over the medium term.
Business Review - Ocular
Ocular delivered good revenue progression in FY25, with growth across both its
on-vehicle and security markets. Following its strategy refresh and rebranding
to Ocular in the second half of FY24, the business has continued to make
steady progress executing its more focused, sector-led strategy. Throughout
FY25, Ocular strengthened its go-to-market discipline, embedding clearer
market prioritisation, enhanced sales execution and improved commercial
alignment across the organisation. As a result, the qualified opportunity
pipeline has increased by nearly 100% over FY25, supported by more structured
customer segmentation and a deliberate focus on higher-quality opportunities
aligned to Ocular's target sectors.
The leadership team has continued to build capability within the commercial
function, improving account planning, pipeline management and bid selectivity.
This has led to greater visibility and control over revenue generation.
Market fundamentals remain positive, with sustained investment in UK transport
infrastructure and an ongoing emphasis on security, safety and system
integration across public and regulated environments. Ocular remains well
positioned to benefit from these trends, leveraging its deep technical
expertise and sector knowledge to deliver innovative, reliable and scalable
security solutions.
The business remains focused on developing its sector thought leadership and
improving operational efficiency, providing a stronger foundation for
sustainable growth and improved operational performance over the medium term.
Sharpened Focus Through Strategic Transformation
Throughout FY25, we have evolved and expanded the strategy we first set out
last year - moving from early direction-setting into focused execution of a
business-wide transformation. What began as a strategic refresh has evolved
into a clear plan to build a more scalable, product-led software business -
one that serves customers with insight, clarity and confidence.
This process has identified five clear priorities that will underpin our
strategy and guide investment and execution across the business - our 5 "P"
Strategy - People, customer-driven Product, Partner-led growth, market
Presence, and Productivity. Together, these represent both the capabilities we
are building and the enablers of future growth. This transformation will
ultimately increase revenue, build margin resilience, and support our ability
to scale through partners rather than internal resources.
People
People are the foundation of our business, without which the strategy cannot
be executed. As we make progress in reshaping the business to deliver scalable
growth, success will increasingly depend on high-performing teams with the
right skills, incentives and mindset to execute our strategy. We are now
developing a strong culture of excellence, collaboration and accountability,
which will enable faster execution, clearer prioritisation, higher quality
outcomes and greater depth of relationships - both internally and with
customers and partners.
We are investing in building and empowering teams to execute the strategy and
deliver consistent, high-quality service for customers. During FY25, I
established a Senior Leadership Team for Synectic Systems that brings the
expertise and experience needed to support our transformational strategy.
These roles include the appointment of a Chief Commercial Officer, a Chief
Operating Officer and a Chief Technology Officer, all within our Synectic
Systems division. We also appointed a Head of Global Channel Partners to drive
a fundamental part of our strategy, building our partner ecosystem, and we
will shortly welcome a Marketing Director into a newly created role.
During the year, we also became an accredited Living Wage employer in the UK,
reinforcing our commitment to fair employment practices and to creating a
workplace where people can thrive.
These changes reflect a broader focus on performance, execution and creating a
workplace where people can succeed. While progress has been made, we recognise
that building the culture and capability required to support long-term growth
is an ongoing journey and this will continue to be a focus for us across the
medium term.
Customer-Driven Product
Significantly, we are developing a product-led approach - one that delivers
repeatable, insight-driven value to customers across multiple sectors, rather
than a bespoke, project-by-project delivery model.
Innovation is central to our approach, and our product roadmap is being
reshaped around market needs. During FY25, we developed a dedicated product
strategy and product management capability, alongside a customer experience
function, ensuring the roadmap is now informed by customer and partner insight
and feedback.
A key priority for FY26, and where we are already making good progress, is the
simplification of the configuration and deployment of our Synergy software
platform. By the end of FY26 we will have reduced the average installation
time for a typical Synergy deployment from up to 20 days to 4.5 days, in turn
reducing reliance on Synectics' engineers for installation and significantly
enhancing the ability of our partners to sell and deploy Synergy. This will
also benefit both margins and productivity.
In parallel, we are progressing the re-engineering of our COEX camera range.
In FY26, we expect to deliver meaningful cost reductions in response to
increased competitive pressure, while simultaneously redesigning the core COEX
product to support the next generation, high-performance product range
tailored to the evolving needs of the energy market.
Over time, the business will also reduce its reliance on customised and
hardware-heavy projects and increase its exposure to higher-margin software
and recurring revenue streams. It is important to highlight that this does
not mean imposing a single commercial model across all markets. While some
sectors are more open to subscription-based solutions, others, particularly
those that prefer on-premises solutions for security reasons, remain at an
earlier stage of that transition. Our increased focus on an extended product
offering also drives increased recurring revenue and thus enhanced revenue
visibility.
Partner-led Growth
Strengthening and expanding our partner ecosystem is central to our growth
ambitions.
We are expanding our go-to-market strategy to support greater scale through a
broader ecosystem of partners, both systems integrators ("SI") and technology
providers, who can extend our reach and deliver value in key sectors and
geographies. In FY25, we launched a major expansion of our global SI partner
programme, led by our Head of Global Channel Partners, which offers enhanced
benefits and improved ways of working for all our partners.
In FY26, we will focus on further developing this programme, expanding the
partner network to new partners, and embedding the tools, training and
commercial alignment needed to drive partner-led success.
We are also at the early stages of building a technology partner ecosystem.
These relationships provide access to complementary capabilities, accelerate
product development, and enhance the overall value we deliver to customers,
thereby expanding the number and scale of opportunities we can pursue.
As Synergy becomes simpler to deploy and integrate, we expect our growing
partner ecosystem to play an increasingly central role in driving growth. This
shift will allow us to reach more customers without increasing internal sales
teams and delivery resources at the same rate - a critical step in making the
business more scalable and efficient.
Market Presence
We are fundamentally rebuilding how Synectics goes to market - with greater
clarity, discipline, and alignment to our strategic direction. In previous
years, our commercial efforts have been too fragmented, with limited use of
data, inconsistent sales processes, and underdeveloped customer targeting. In
response, we've launched a broad commercial transformation. Our priorities
include creating a unified go-to-market strategy for our core sectors,
introducing clearer customer segmentation, implementing a redesigned incentive
structure, and building a more accountable, performance-led sales culture.
In parallel, we have begun to strengthen our account planning, pipeline
management, and the role of data and tools in commercial decision-making. Our
new Customer Success team is now operational, supporting the drive to improve
customer experience and close the loop between customer feedback, product
roadmap and delivery. We have also made progress in prioritising the sectors
and customers that best align with our long-term strategic and commercial
objectives.
In FY26, we will embed global standardised sales methodologies and improve CRM
discipline to drive greater consistency and visibility across commercial
execution. Our new Marketing Director joins this month and will lead the
build-out of our digital-first marketing engine, using AI-enabled tools to
support pipeline growth and brand visibility. We are also progressing work on
a global key accounts programme and streamlining our commercial offerings to
make it easier for customers and partners to engage, buy, and deploy Synectics
solutions.
These changes will create a more aligned, data-driven commercial organisation
- one that is able to move faster, serve customers more consistently, and
generate predictable revenue growth through both direct and partner-led
channels.
Productivity
Our plan involves building an operating model that supports faster, more
efficient execution and a culture of delivery, where the structure, systems,
and behaviours of the business are aligned to our long-term ambitions.
In FY25, we laid the groundwork for this shift. We improved core delivery
processes, removed legacy friction in operations, and introduced performance
management processes across the business. In FY26, this work will accelerate
with the launch of a comprehensive operating model review to ensure Synectics
can scale effectively across products, partners, and sectors. This will be
underpinned by improved systems, better data visibility, and stronger
accountability.
As part of this review, we are taking a more structured approach to how we
adopt technology across the business. Our focus is on identifying the tools
and systems that can help us deliver more efficiently, automate processes, and
make better-informed decisions. Within this, AI will play a more defined role.
In FY25, we applied AI in targeted use cases - supporting market discovery,
assisting product development, and improving the bid process. In FY26, we will
build on this foundation, defining where AI can unlock scalability and
efficiency in both internal operations and how we serve customers.
At the heart of this transformation is a shift in mindset - building a culture
of focus, ownership, and delivery that enables us to scale with pace and
discipline. Combined with our broader investment in the key strategic
priorities, these changes will support both top-line growth and long-term
margin improvement.
Delivering Today, Investing for Tomorrow
I recognise that this transformation represents a shift from how we have
historically operated. Whilst we continue to deliver for our customers, we are
also investing in the capabilities that will allow us to drive value and
repeat it at scale.
Our continued investment is essential if we are to build a business that
scales - one where we can deliver more value without proportional increases in
bespoke effort. We are increasing investment in technology development,
partner enablement, internal processes, go-to-market execution, and brand
capability. These internally funded investments will result in a net increase
in the cost base in the short term, which will have an impact on our near-term
profitability, but they are critical to the successful execution of our
strategy and to building a business that delivers stronger, more predictable
returns over the long term.
In parallel, we are also exploring selective bolt-on acquisitions aligned to
our strategic priorities, where they can accelerate capability in these areas.
Environmental, Social and Governance
We recognise that strong environmental, social and governance practices are
integral to building long-term resilience and trust with our customers,
partners and stakeholders. During FY25, we continued to enhance our governance
frameworks, embed risk management disciplines, and strengthen controls that
support ethical decision making across the Group. We are also focused on
reducing our operational impact, improving our energy efficiency, and
fostering an inclusive workplace where diverse perspectives are valued and
people can thrive.
As we move into FY26, we will further formalise our ESG approach, including
setting clearer priorities and measurement frameworks that align with the
expectations of our stakeholders and the markets we serve. These efforts will
underpin how we deliver strategy, attract and retain talent, and create
sustainable value for our investors and customers.
Board
In August 2025, we welcomed Paul Williams to the Board as Chief Financial
Officer. Paul brings valuable experience from across the software and
technology sectors, alongside strong public company expertise. Since joining,
he has worked closely with me and the wider senior leadership team to support
the next phase of the Group's strategic and operational development.
Outlook
With our strategy firmly in place, we are focused on executing a business-wide
transformation, shifting from a bespoke, project-by-project delivery model to
a scalable, product-led software business with defined sector focus and a
partner-centric global reach.
Group revenue performance in FY26 is expected to be around 10% lower than FY25
with growth offset by the absence of the significant one-off contract
delivered in FY25, alongside increased investment aligned with our medium and
long-term growth priorities. These investments, which are being funded from
existing cash resources, are expected to drive mid-single-digit EBITDA margins
in the current year and are essential to equipping the business for scalable,
repeatable growth.
FY26 represents a pivotal execution year; one in which we expect to embed the
structural, operational, and cultural changes required to support our new
business model. We are confident that the benefits of this transformation will
be evident from the end of FY26, with strong momentum expected in FY27 and
FY28, as our investments translate into stronger commercial performance and
improved operating leverage. Financial performance is expected to materially
strengthen from the end of FY26 with double-digit revenue growth from FY27,
when EBITDA is expected to exceed normalised FY25 levels once the impact of
the non-recurring contract is excluded.
We entered FY26 with a strong balance sheet, solid order book, good pipeline
visibility and strong customer relationships. I am confident that our strategy
positions Synectics well to deliver sustainable growth, stronger returns, and
increased shareholder value over the years ahead.
Amanda Larnder
Chief Executive Officer
2 March 2026
Chief Financial Officers Review
Synectics delivered a robust financial performance in FY25, reporting growth
in both revenue and adjusted EBITDA. Revenue increased by 22% to £68.1
million (FY24: £55.8 million), reflecting the delivery of a significant
non-recurring contract in South-East Asia, which contributed approximately
£12 million during the year. Gross margin remained broadly flat at 42.8%
(FY24: 42.9%). Adjusted EBITDA increased by 36.1% to £8.5 million (FY24:
£6.3 million). Underlying profit before tax was £6.1 million (FY24: £4.7
million), while adjusted diluted earnings per share rose by 29% to 28.0 pence
(FY24: 21.7 pence). These results reflect both strong trading performance and
ongoing investment in our strategic priorities.
Non-underlying costs associated with the implementation of a new ERP system
together with costs associated with transformation and restructuring in the
year amounted to £0.65 million (FY24: £0.53 million)
As at 30 November 2025, the Group's order book stood at approximately £26.5
million (31 May 2025: £35.1 million; 30 November 2024: £38.5 million). The
reduction from the prior year reflects the completion of the significant
gaming contract in South-East Asia, together with some additional impact from
global economic conditions, contributing to a delay in the timing of certain
project approvals in the year, particularly in the oil and gas sector.
The Group ended the year with a cash balance of £14.1 million (31 May 2025:
£12.1 million; 30 November 2024: £9.6 million), an inflow of £4.5 million.
Adjusting for non-underlying cash items, capital expenditure, tax and
financing, free cash inflow in the period was £7.7 million (FY24: £7.0
million inflow).
The Group expects investment in the strategic initiatives outlined above to
require around £3.3 million of cash during the coming year, with around £0.8
million of that impacting adjusted EBITDA, and the remainder to be treated as
either non-underlying cost or capital expenditure (in line with accounting
standards). The Group will also support an investment in premises by Ocular
during the year with the lease expiring on its current premises in December
2026, aiding future growth as the business has outgrown its current site.
The Group continues to generate cash from its operations, which together with
a strong, debt-free balance sheet provides the working capital it needs to
support its operations as well as the flexibility to fund its strategic
investment programme whilst simultaneously exploring selective product and
strategy enhancing bolt-on acquisition opportunities.
Continuing with our progressive dividend policy, in line with adjusted EBITDA
growth the Board intends to pay an increased final dividend of 2.8 pence per
share (FY24: 2.5 pence per share). With an interim dividend of 2.2 pence per
share already paid in 2025, the proposed FY25 total dividend is 5 pence per
share (FY24: 4.5 pence per share). The final dividend will be paid on 29 May
2026 to shareholders on the register at the close of business on 1 May 2026
with an ex-dividend date of 30 April 2026.
Performance Review - Synectic Systems
FY25 FY24 Inc/dec
Revenues - Energy £11.1m £13.2m (16)%
Revenues - Leisure and Hospitality £24.0m £13.1m 83%
Revenues - Public Space £4.1m £4.1m 1%
Revenues - Transport £2.6m £2.6m 2%
Revenues - Critical Infrastructure £1.6m £2.9m (45)%
Total revenue(4) £43.4m £35.9m 21%
Gross margin 50.3% 49.4% 0.9 ppts
Adjusted EBITDA £9.1m £7.1m 28%
Adjusted EBITDA margin 21.1% 19.8% 1.3 ppts
Underlying operating profit £7.6m £6.1m 25%
Underlying operating margin 17.5% 17.0% 0.5 ppts
(4 ) Including Intra-Group revenues (FY25: £1.7 million FY24: £1.4 million)
(see Note 3 below).
Synectic Systems delivered a strong performance during FY25, with revenues
increasing by 21% to £43.4 million (FY24: £35.9 million).
Growth was driven primarily by a significant increase in revenue from the
leisure and hospitality sector, with a major contract with a leading global
casino operator in South-East Asia successfully delivered during the Period.
The Group also secured a five-year extension to its existing contract with
this same customer, valued at a minimum of US$4.8 million, reflecting
continued confidence in Synectic Systems and the scalability and long-term
value of the Synergy platform. Further significant casino resort projects
worth $3m in Philippines and North America were also delivered in FY25.
As previously communicated, performance in the energy sector was impacted by
the deferral of a number of key oil and gas projects into 2026, however first
contract wins in the renewables sector during the year with delivery in FY25
and FY26 marked an important milestone in Synectic Systems' strategic
diversification into the broader energy market.
Underlying revenue in the critical infrastructure sector in FY25 was broadly
consistent with the prior year, which included a significant non-repeating
project with National Grid.
Gross margins increased to 50.3% (FY24: 49.4%), reflective of an adjusted mix
of product and regional revenues during the period. Hardware margins narrowed
slightly in a competitive marketplace, however, this was offset by a stronger
margin contribution from ongoing support agreements. The APAC region benefited
from strong margins on the significant gaming project completed during the
year.
Adjusted EBITDA increased to £9.1 million (FY24: £7.1 million), with
adjusted EBITDA margins slightly up at 21.1% (FY24: 19.8%). Operating margin
was broadly flat at 17.5% (FY24: 17.0%).
This performance reflects the positive impact from the major non-repeating
gaming contract delivered in the Period, together with continued demand for
our solutions in both new and existing markets, and across multiple
territories. These positive factors are being partially offset by additional
costs arising from the initial phases of a multi-year investment being made
towards building scalable, product-led capabilities and a strong partner
ecosystem; ensuring Synectic Systems can deliver greater value to customers,
more efficiently and at greater scale going forward.
Performance Review - Ocular
FY25 FY24 Inc/dec
Revenues - Leisure and Hospitality £1.1m £1.1m (1)%
Revenues - Public Space £4.3m £4.7m (9)%
Revenues - Transport £12.8m £10.3m 25%
Revenues - Critical Infrastructure £8.2m £5.2m 57%
Total revenue £26.4m £21.3m 24%
Gross margin 27.7% 29.2% (1.5) ppts
Adjusted EBITDA £2.3m £1.9m 22%
Adjusted EBITDA margin 8.6% 8.8% (0.2) ppts
Underlying operating profit £1.8m £1.6m 16%
Underlying operating margin 7.0% 7.4% (0.4) ppts
Ocular revenues increased by 24% to £26.4 million (FY24: £21.3 million),
driven by solid growth in the transport and critical infrastructure sectors.
Gross margin was 27.7% (FY24: 29.2%), reflecting the impact of a number of
lower margin critical infrastructure projects. Adjusted EBITDA was £2.3
million (FY24: £1.9m), with an Adjusted EBITDA margin broadly flat at 8.6%
(FY24: 8.8%). Operating margin was also broadly flat at 7.0% (FY24: 7.4%).
Within transport, demand was supported by the transition to IP-based systems;
increased investment in electric vehicle fleets; and growing requirements for
connected technologies that enhance fleet oversight and the passenger
experience. During the year, there were a number of notable wins included a
five-year contract with Bus Eireann, Ireland's national bus service provider;
and with the UK's largest bus and coach operator, Stagecoach, to pilot its new
On-Board Hub solution alongside a five-year extension to its framework
agreement to supply and install advanced CCTV systems integrated with
Synectics' Cloud Transport Services on Stagecoach's new factory-built buses.
In critical infrastructure, revenue growth was underpinned by the delivery of
large-scale projects with long-term customer, National Grid. Ocular also
signed notable contracts in the year with West Midlands Police, for the
installation of security systems across custodial suites and police stations.
Paul Williams
Chief Financial Officer
2 March 2026
Consolidated Income Statement
For the year ended 30 November 2025
2025 2024
Underlying Non-underlying items(3) (note 5) Underlying Non-underlying items
(note 5)
Total Total
Note £000 £000 £000 £000 £000 £000
Revenue 3,4 68,100 - 68,100 55,809 - 55,809
Cost of sales (38,926) - (38,926) (31,866) - (31,866)
Gross profit 29,174 - 29,174 23,943 - 23,943
Operating expenses (23,207) (654) (23,861) (19,151) (531) (19,682)
Adjusted(1) EBITDA 2 8,519 (654) 7,865 6,259 (531) 5,728
Share-based payment charge (569) - (569) (107) - (107)
Depreciation and amortisation (1,983) - (1,983) (1,360) - (1,360)
Operating profit 5,967 (654) 5,313 4,792 (531) 4,261
Finance income 186 - 186 25 - 25
Finance costs (97) - (97) (112) - (112)
Profit before tax 6,056 (654) 5,402 4,705 (531) 4,174
Income tax (charge)/credit 6 (1,860) 164 (1,696) (1,049) 54 (995)
Profit for the year 4,196 (490) 3,706 3,656 (477) 3,179
Earnings per share 8
Basic 22.0p 18.8p
Diluted 21.8p 18.3p
Adjusted(2) basic 28.3p 22.3p
Adjusted(2) diluted 28.0p 21.7p
( )
(1) Adjusted EBITDA represents profit before finance income and costs, tax,
depreciation, amortisation, and share-based payment charge (non-IFRS measure).
(2) Adjusted earnings per share excludes non-underlying items and share-based
payment charges (non-IFRS measure)
(3) Non-IFRS measure
Consolidated Statement of Comprehensive Income
For the year ended 30 November 2025
2025 2024
£000 £000
Profit for the year 3,706 3,179
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations (210) 83
Gains / (losses) on net investment in a foreign operation taken to equity 170 (119)
(40) (36)
Tax on items that may be reclassified (42) 30
Total comprehensive income for the year 3,624 3,173
Total comprehensive income for the year attributable to equity holders of the 3,624 3,173
Parent
Consolidated Statement of Financial Position
As at 30 November 2025
2025 2024
Note £000 £000
Non-current assets
Property, plant and equipment 3,535 3,801
Intangible assets 23,300 22,248
Deferred tax assets 6 1,097 1,488
27,932 27,537
Current assets
Inventories 6,426 9,244
Trade and other receivables 11,021 14,124
Contract assets 4 5,237 5,378
Cash and cash equivalents 14,141 9,559
36,825 38,305
Total assets 64,757 65,842
Current liabilities
Trade and other payables (12,090) (13,665)
Contract liabilities 4 (3,004) (6,428)
Lease liabilities (643) (701)
Tax liabilities (1,159) (268)
Current provisions (993) (556)
(17,889) (21,618)
Non-current liabilities
Non-current provisions (1,047) (741)
Lease liabilities (1,011) (1,189)
Deferred tax liabilities 6 (1,068) (963)
(3,126) (2,893)
Total liabilities (21,015) (24,511)
Net assets 43,742 41,331
Equity attributable to equity holders of the Parent Company
Called up share capital 3,559 3,559
Share premium account 16,043 16,043
Merger reserve 9,971 9,971
Other reserves (2,216) (1,417)
Currency translation reserve 824 906
Retained earnings 15,561 12,269
Total equity 43,742 41,331
Consolidated Statement of Changes in Equity
For the year ended 30 November 2025
Called up Share Currency
share premium Merger Other translation Retained
capital account reserve reserves reserve earnings Total
£000 £000 £000 £000 £000 £000 £000
At 1 December 2023 3,559 16,043 9,971 (1,436) 912 9,828 38,877
Profit for the year - - - - - 3,179 3,179
Other comprehensive income
Currency translation adjustment - - - - (36) - (36)
Tax relating to components of other comprehensive income - - - - 30 - 30
Total other comprehensive income - - - - (6) - (6)
Total comprehensive income for the year - - - - (6) 3,179 3,173
Transactions with owners in their capacity as owners
Dividends paid - - - - - (845) (845)
Share scheme interests realised in the year - - - 19 - - 19
Credit in relation to share-based payments - - - - - 107 107
At 30 November 2024 3,559 16,043 9,971 (1,417) 906 12,269 41,331
Profit for the year - - - - - 3,706 3,706
Other comprehensive income
Currency translation adjustment - - - - (40) - (40)
Tax relating to components of other comprehensive income - - - - (42) - (42)
Total other comprehensive income - - - - (82) - (82)
Total comprehensive income for the year - - - - (82) 3,706 3,624
Transactions with owners in their capacity as owners
Dividends paid - - - - - (800) (800)
Share scheme interests realised in the year - - - (799) - (183) (982)
Credit in relation to share-based payments - - - - - 569 569
At 30 November 2025 3,559 16,043 9,971 (2,216) 824 15,561 43,742
Consolidated Cash Flow Statement
For the year ended 30 November 2025
2025 2024
Note £000 £000
Cash flows from operating activities
Profit for the year 3,706 3,179
Income tax charge 1,696 995
Finance income (186) (25)
Finance costs 97 112
Depreciation and amortisation charge 1,983 1,360
Loss on disposal of non-current assets 20 -
Net foreign exchange differences 260 191
Non-underlying items 654 531
Cash flow relating to non-underlying items incurred in current or previous (819) (366)
years
Movement in provisions and other non-cash movement 9 3
Share-based payment charge 569 107
Operating cash inflow before movement in working capital 7,989 6,087
Decrease / (increase) in inventories 3,391 (4,292)
Decrease in receivables and contract assets 3,158 1,132
(Decrease) / increase in payables and contract liabilities (5,118) 5,636
Cash generated from operations 9,420 8,563
Tax paid (362) (47)
Net cash generated from operating activities 9,058 8,516
Cash flows from investing activities
Purchase of property, plant and equipment (327) (407)
Capitalised development costs (1,459) (1,193)
Purchased software (420) (326)
Net cash used in investing activities (2,206) (1,926)
Cash flows from financing activities
Lease payments (851) (754)
Interest received 186 25
Other interest paid (1) (33)
Proceeds from sale of own shares 144 -
Share scheme outflows(1) (1,128) -
Dividends paid to equity holders of the parent (800) (845)
Net cash used in financing activities (2,450) (1,607)
Net increase in cash and cash equivalents 4,402 4,983
Effect of exchange rates on cash and cash equivalents 180 (28)
Cash and cash equivalents at the beginning of the year 9,559 4,604
Cash and cash equivalents at the end of the year 14,141 9,559
(1)Includes cash settlement on exercise of share awards and purchase of shares
by the EBT.
Notes to the financial statements
1 Basis of preparation
The information contained within this announcement has been extracted from the
audited financial statements which have been prepared in accordance with
UK-adopted International Accounting Standards and applicable law. They have
been prepared using the historical cost convention except where the
measurement of balances at fair value is required.
Going concern
The Directors have considered the Group's current activities and future
prospects, financial performance, liquidity position and risks and
uncertainties affecting the business, which are set out in the Strategic
Report, in assessing the appropriateness of the going concern assumption. The
Directors continue to monitor the effects of global events on the business and
will react accordingly if any material risks arise.
When assessing the going concern assumption, the Directors have reviewed the
year-to-date actual results, as well as detailed financial forecasts and the
Group's funding position for the period through to August 2027. This review
includes in-depth scenario modelling and stress testing of budget and strategy
planning.
Although FY25 benefited from the large Gaming contract in Asia, opportunities
continue to emerge in the Gaming sector, particularly in the Asia and North
America markets.
In the Oil & Gas sector, a number of projects were delayed from 2025 into
2026 further improving our confidence in the Oil & Gas outlook for 2026
Transport & Infrastructure is expected to grow supported by National Grid
and other infrastructure opportunities as well as high volumes and upgrades
with multiple bus operators and breakthroughs in US Public Space and Asia
Pacific Transport
There has been significant Investment, predominantly in the Systems division,
in both people and products in 2025. This has strengthened our leadership
team, increased sales capability and added to our development team (including
in AI) and marketing team. Along with the roll out of our partnership
programme we believe these investments will expand our presence in existing
and new sectors, reflects confidence in the external market opportunity and
Synectics' ability to exploit this. Product streamlining and simplification
plans will improve deployability, removing friction from our partner channel
and enabling us to take advantage of partner-led sales expansion in 2026 and
beyond.
Forecasting and stress testing
The Directors have undertaken a rigorous budgeting and forecasting process
with management to understand the impact of the economic environment on the
future of the Group. The assumptions used in the financial forecasts are based
on recent financial performance, management's extensive industry experience
and reflect expectations of future market conditions.
The base case shows a positive cash balance throughout the year with no
requirement to utilise the £3 million overdraft facility. Sensitivity and
stress testing has been performed on the base case model; various plausible
but severe downside scenarios were applied which considered general downturns
resulting in reductions in revenue and margins and the related impact on
working capital. Under these downsides, the Directors have not considered any
mitigating factors that would be applied. The scenario testing applied
confirmed that, even with no mitigating factors, the overdraft facility would
not need to be utilised and that there would be sufficient headroom within the
facility throughout the outlook period. The base case was then reverse stress
tested and the level of deterioration required for the Group to become close
to the banking headroom was deemed to be highly unlikely.
Cash and funding position
Positive cash balances were maintained throughout the year and ended the year
at £14.1 million (FY24: £9.6 million). Undrawn overdraft facilities of £3
million were held throughout the year. Despite the central forecast indicating
that the Group should not need to draw upon the overdraft facilities for the
foreseeable future, management is in the process of renewing, as a matter of
prudence, the overdraft facility of £3 million with HSBC Bank until February
2027. Whilst the renewal process is still underway at the time of signing
these accounts, the bank has indicated that the facilities are expected to
renew as previously.
Conclusion
Based on the analysis above, the Group has sufficient liquidity headroom
throughout the forecast period and therefore the Directors have a reasonable
expectation that the Group has adequate resources to continue in operational
existence for the outlook period without material uncertainty. Accordingly,
the Directors conclude it is appropriate to continue to adopt the going
concern basis in preparing the Financial Statements.
2 Alternative performance measures
Adjusted EBITDA and adjusted EBIT are key performance measures for the Group
and are derived as follows:
2025 2024
Underlying Non- underlying items (note 5) Total Underlying Non- underlying items Total
(note 5)
£'000 £'000 £000 £'000 £'000 £'000
Profit before tax 6,056 (654) 5,402 4,705 (531) 4,174
Add back:
Finance income and costs (89) - (89) 87 - 87
Share-based payments 569 - 569 107 - 107
Adjusted EBIT 6,536 (654) 5,882 4,899 (531) 4,368
Depreciation 1,166 - 1,166 969 - 969
Amortisation 817 - 817 391 - 391
Adjusted EBITDA 8,519 (654) 7,865 6,259 (531) 5,728
Adjusted EPS:
The Group monitors adjusted EPS. In calculating earnings for adjusted EPS, net
profit is adjusted to eliminate the post-tax impact of non-underlying items
and the share-based payment charge. Note 8 includes a reconciliation of
earnings used for adjusted EPS (non-IFRS measure).
3 Segmental analysis
2025 2024
Synectic Systems Ocular Central Total Synectic Systems Ocular Central Total
£000 £000 £000 £000 £000 £000 £000 £000
Revenue
External customers 43,403 26,431 - 69,834 35,881 21,349 - 57,230
Intra-Group (1,734) - - (1,734) (1,421) - - (1,421)
41,669 26,431 - 68,100 34,460 21,349 - 55,809
Expenses
Cost of inventories recognised as an expense (14,453) (14,488) 20 (28,921) (12,114) (10,850) (81) (23,045)
Movement in inventories provision recognised as an expense (478) (180) - (658) (290) (40) - (330)
Employee benefit expenses (12,777) (6,342) (2,141) (21,260) (11,393) (5,650) (1,923) (18,966)
Loss on disposal of assets - (20) - (20) - - - -
Net foreign exchange profit (loss) 120 34 6 160 (171) 11 (40) (200)
Rental income received - 51 - 51 - 46 - 46
Payroll support - - - - 242 - - 242
Other (4,942) (3,203) (788) (8,933) (3,621) (2,987) (689) (7,297)
Adjusted EBITDA 9,139 2,283 (2,903) 8,519 7,113 1,879 (2,733) 6,259
Amortisation of intangible assets (811) (1) (5) (817) (380) (2) (9) (391)
Depreciation of intangible assets (692) (435) (39) (1,166) (642) (288) (39) (969)
Share based payment charges (27) - (542) (569) (23) - (84) (107)
Underlying operating profit 7,609 1,847 (3,489) 5,967 6,068 1,589 (2,865) 4,792
Non-underlying items
ERP implementation costs (207) (144) - (351) - - - -
Write-off of deferred consideration - - - - - (100) - (100)
Pension buy-out costs - - - - - - (21) (21)
Restructuring and transformation costs (215) (88) - (303) (250) (103) (57) (410)
Total operating profit 7,187 1,615 (3,489) 5,313 5,818 1,386 (2,943) 4,261
Total assets 23,453 9,314 - 32,767 24,912 10,455 - 35,367
Total liabilities (15,365) (7,028) - (22,393) (17,132) (6,131) - (23,263)
Total segmental net assets 8,088 2,286 - 10,374 7,780 4,324 - 12,104
Goodwill - - 19,638 19,638 - - 19,645 19,645
Cash and borrowings - - 14,141 14,141 - - 9,559 9,559
Unallocated - - (411) (411) - - 23 23
Total net assets 8,088 2,286 33,368 43,742 7,780 4,324 29,227 41,331
Payroll support is a Covid related employee retention credit received in the
US.
Revenue from one external customer amounted to £14.3m, representing more than
10% of the Group's total revenue. These revenues were generated within the
Synectics Systems division. No customers contributed more than 10% in the
prior year.
Net assets attributed to each business segment represent the net external
operating assets of the respective businesses excluding goodwill, bank
balances and debt which are shown as unallocated amounts, together with
Central assets and liabilities.
4 Revenue from contracts with customers
Disaggregated revenue information
Set out below is the disaggregation of the Group's revenue by sector:
Synectic Systems Ocular 2025 Synectic Systems Ocular 2024
Revenue by sector 2025 £000 £000 £000 £000 £000 £000
Energy 11,102 - 11,102 13,116 - 13,116
Leisure & Hospitality 23,860 1,125 24,985 13,249 1,136 14,385
Public Space 2,488 4,273 6,761 3,105 4,682 7,787
Transport 2,616 12,839 15,455 2,139 10,309 12,448
Critical Infrastructure 1,603 8,194 9,797 2,851 5,222 8,073
41,669 26,431 68,100 34,460 21,349 55,809
Set out below is a reconciliation of the timing of revenue showing goods
transferred at a point in time and services transferred over time:
Timing of revenue recognition 2025 Synectic Ocular 2025 Synectic Ocular 2024
Systems £000 £000 Systems £000 £000
£000 £000
Revenue transferred at a point in time 7,321 12,620 19,941 6,886 10,321 17,207
Revenue transferred over time 34,348 13,811 48,159 27,574 11,028 38,602
Intra-Group 1,734 - 1,734 1,421 - 1,421
43,403 26,431 69,834 35,881 21,349 57,230
Contract balances
2025 2024
£000 £000
Contract assets 5,237 5,378
Contract liabilities (3,004) (6,428)
Contract assets relate to revenue earned from ongoing contracts not yet
invoiced. Contract liabilities relate to payments in advance of revenue
recognition in relation to ongoing projects and multi-year service and
maintenance contracts. As such, the balance on these accounts varies and
depends on: (i) the number of ongoing projects at the year-end; and (ii) the
timing of payments under the terms of each individual contract, with payment
sometimes before and sometimes after satisfaction of the corresponding
performance obligation.
The £3.4m decrease in contract liabilities is mainly driven by the advanced
invoicing in the prior year on a large project within Synectic Systems.
No expected credit loss has been recognised in relation to the contract assets
as the Group's historical and forward-looking experience shows that no credit
losses have been incurred
£5.9 million (FY24: £2.2 million) of the contract liabilities balance at 1
December 2024 was recognised as revenue during the year. No revenue was
recognised in the current year in relation to performance obligations
satisfied, or partially satisfied in previous years.
Performance obligations
The transaction price allocated to the remaining performance obligations
(unsatisfied or partially unsatisfied) as at 30 November 2025 that are
expected to be recognised over more than one year is £3.2 million (FY24:
£3.5 million). These performance obligations relate predominantly to the
provision of service and maintenance contracts and are as follows:
2025 2024
£000 £000
Less than two years 1,682 1,786
Two to five years 1,488 1,660
More than five years - 55
The Group has taken advantage of the practical expedient within IFRS 15 not to
disclose the amount of the remaining performance obligations for contracts
with original expected duration of less than one year.
5 Non-underlying items
2025 2024
£000 £000
Costs associated with new ERP system 351 -
Costs associated with transformation and restructuring 303 410
Write-off of deferred consideration - 100
Costs associated with the buy-out of the defined benefit pension scheme - 21
654 531
Costs associated with transformation and restructuring reflect organisational
realignment undertaken during the year to support a more scalable operating
model and better align the business to its strategic priorities.
6 Taxation
2025 2024
Tax charge £000 £000
Current income tax
UK tax 7 -
Overseas tax 1,022 346
Adjustments in respect of prior periods 225 (96)
Total current tax charge 1,254 250
Deferred tax
Origination and reversal of temporary differences 248 727
Adjustments in respect of prior periods 194 18
Total deferred tax charge 442 745
Income tax charge reported in the consolidated income statement 1,696 995
Further analysed as tax relating to:
Underlying profit 1,860 1,049
Non-underlying items (164) (54)
Reconciliation of tax charge for the year
The corporation tax assessed for the year differs from the standard rate of
corporation tax in the UK of 25% (FY24: 25%). The differences are explained
below:
2025 2024
£000 £000
Profit before tax 5,402 4,174
Tax on profit on ordinary activities before tax at standard rate of 25% (FY24: 1,351 1,044
25%)
Effects of:
Differences in overseas tax rates (470) (172)
Tax losses not recognised 6 84
Group relief surrendered 543 -
Utilisation of previously unrecognised tax losses (229) (2)
Research and development (79) (99)
Other differences 5 -
Effect of changes in tax rates and tax laws (23) 39
Expenses not deductible for tax purposes 173 179
Adjustment in respect of prior periods 419 (78)
Total tax charge for the year 1,696 995
The Group's tax rate is sensitive to a geographic mix of profits and reflects
a combination of higher rates in the UK and US and lower rates in Singapore
and Macau along with R&D tax relief in the UK. The Group's effective tax
rate before adjustments in respect of prior years has fallen in 2025 as the
proportion of taxable profits is higher in Singapore.
Deferred tax
The deferred tax in the Consolidated Statement of Financial Position relates
to the following:
Property, Other
plant and temporary
equipment differences Losses Total
Deferred tax (liability)/asset £000 £000 £000 £000
At 1 December 2023 (547) (170) 1,963 1,246
(Charged)/credited to the Income Statement (169) 18 (594) (745)
Credited to the Statement of Comprehensive Income - 30 - 30
Currency translation adjustment - - (6) (6)
At 30 November 2024 (716) (122) 1,363 525
Charged to the Income Statement (79) (23) (340) (442)
Debited to the Statement of Comprehensive Income - (42) - (42)
Currency translation adjustment - (3) (9) (12)
At 30 November 2025 (795) (190) 1,014 29
Deferred tax asset - 83 1,014 1,097
Deferred tax liability (795) (273) - (1,068)
(795) (190) 1,014 29
Factors that may affect future tax charges
Deferred tax assets of £1.1 million (FY24: £1.4 million) have been
recognised in relation to legal entities which suffered a tax loss in the
current or preceding periods. The assets are recognised based upon future
taxable profit forecasts for the entities concerned.
The Group has further losses which may be available to be carried forward for
offset against the future taxable profits of certain Group companies amounting
to approximately £3.2 million (FY24: £3.9 million). No deferred tax asset
(FY24: £nil) in respect of these losses has been recognised at the year end
as the Group does not currently anticipate being able to offset these against
future profits.
In addition to the above, the Group has capital losses of approximately £17.8
million (FY24: £17.8 million) available for offset against future taxable
gains. No deferred tax asset in respect of these losses has been recognised in
these financial statements as there is insufficient certainty that the asset
will be recovered against future capital gains.
7 Dividends
The following dividends were paid by the Company during the year:
2025 2024
Pence Pence
per share £000 per share £000
Final dividend paid in respect of prior year but not recognised as a liability 2.5 430 3.0 516
in that year
Interim dividend paid in respect of current year 2.2 373 2.0 344
4.7 803 5.0 860
Total dividend paid, net of shares held by the share trust 4.7 800 5.0 845
Proposed final dividend for the year ended 30 November 2.8 476 2.5 430
Subject to shareholders' approval at the Company's forthcoming Annual General
Meeting, which is to be held on 20 May 2026, the Directors recommend the
payment of a final dividend of 2.8p per share (FY24: 2.5p per share) to be
paid on 29 May 2026 to shareholders on the register as at the close of
business on 1 May 2026 (the shares being marked ex-dividend on 30 April 2026).
The Company paid an interim dividend of 2.2p during the year 2025 (FY24: 2.0p)
and therefore the proposed FY25 total dividend is 5p per share (FY24: 4.5p per
share).
8 Earnings per share
2025 2024
Pence per Pence per
share share
Basic earnings per share 22.0 18.8
Diluted earnings per share 21.8 18.3
Adjusted basic earnings per share 28.3 22.3
Adjusted diluted earnings per share 28.0 21.7
Adjusted earnings per share excludes non-underlying items and share-based
payment charges (non-IFRS measure).
Profit per share has been calculated by dividing the profit attributable to
equity holders of the Parent after taxation for each financial year by the
weighted average number of ordinary shares in issue and ranking for dividend
during the year.
The calculations of basic and underlying earnings per share are based upon:
2024
2025
£000 £000
Earnings for basic and diluted earnings per share 3,706 3,179
Share-based payments 569 107
Non-underlying items 654 531
Impact of share-based payments and non-underlying items on tax credit for the (164) (54)
year
Earnings for adjusted basic and adjusted diluted earnings per share 4,765 3,763
2025 2024
000 000
Weighted average number of ordinary shares - basic calculation 16,827 16,891
Dilutive potential ordinary shares arising from share options 203 471
Weighted average number of ordinary shares - diluted calculation 17,030 17,362
9 Company Information
The financial information set out herein does not constitute statutory
accounts as defined in Section 434 of the Companies Act 2006 as it does not
contain all the information required to be disclosed in the financial
statements prepared in accordance with UK-adopted International Accounting
Standards. The financial information for the year ended 30 November 2025 has
been extracted from the Group's audited financial statements which were
approved by the Board of Directors on 2 March 2026 and which, if adopted by
the members at the Annual General Meeting, will be delivered to the Registrar
of Companies for England and Wales.
The financial information for the year ended 30 November 2024 has been
extracted from the Group's audited financial statements which have been
delivered to the Registrar of Companies for England and Wales.
The reports of the auditors on both these financial statements were
unqualified, did not include any references to any matters to which the
auditors drew attention by way of emphasis without qualifying their report and
did not contain a statement under Section 498(2) or Section 498(3) of the
Companies Act 2006.
Copies of these results, and the full financial statements when published,
will be available on the Company's website at www.synecticsplc.com and at the
Company's registered office: Synectics plc, Synectics House, 3-4 Broadfield
Close, Sheffield, S8 0XN.
Forward-looking statements
This report may contain certain statements about the future outlook for
Synectics plc. Although the Directors believe their expectations are based on
reasonable assumptions, any statements about future outlook may be influenced
by factors that could cause actual outcomes and results to be materially
different.
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