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 EBITDA¹ increased by 36.1% to £8.5 million (FY24: £6.3 million)

·    Adjusted diluted earnings per share² increased significantly to 28.0p (FY24: 21.7p)

·    Record cash balance at 30 November 2025 of £14.1 million with no bank debt³ (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:

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

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

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

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

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

Consolidated Statement of Financial Position

As at 30 November 2025

Consolidated Statement of Changes in Equity

For the year ended 30 November 2025

Consolidated Cash Flow Statement

For the year ended 30 November 2025

¹Includes 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:

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

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:

Set out below is a reconciliation of the timing of revenue showing goods transferred at a point in time and services transferred over time:

Contract balances

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:

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

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

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:

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:

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:

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

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:

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.