In this Research Note, we examine Synectics plc, the listed UK provider of large-scale electronic security systems for critical and regulated environments. This article is based on their Annual Results, year ending 30 November 2023 announced on 27th February 2024, an InvestorMeet presentation on 29th February 2024, Annual Report 2023, and supplementary analysis. Based in Sheffield, UK, Synectics positions itself as a security and surveillance technology provider for specialist core markets, including gaming, oil and gas, public space, transport and critical infrastructure: In the gaming sector, Synectics’ software monitors and records over 150,000 channels in around 100 casino properties around the world. In the oil and gas sector, over the past decade, the company has supplied more than 10,000 COEX explosion-protected camera stations, safeguarding refineries, pipelines, offshore vessels and platforms for the likes of Saudi Aramco and Shell. In the transport sector, the Company delivers solutions for providers such as Deutsche Bahn, Stagecoach and Irish […]