Synectics plc (AIM: SNX), a leader in advanced security and surveillance systems, has been notified that the...
Delayed Share Price: 107.50p
Further to its trading update on 13 December 2022, Synectics plc (AIM: SNX), a leader in advanced security and surveillance systems, provides further information regarding the award of a new casino resort project in Asia.
The Company and its long-standing integration partner, Empire Automation, were awarded a contract in December 2022 to provide the surveillance system for Solaire Metro North, a large new-build casino resort in the Philippines, which had been expected to be operational in late 2023.
Developed by Bloomberg Resorts, the resort was originally slated to open in 2021, however the Covid-19 pandemic caused ongoing delays and challenges to the construction, and it is now expected to open in early 2024.
Synectics’ integration partner, Empire Automation, has been working closely with the customer to determine the final composition of the solution, including camera selection and coverage. This has been completed and the Company has now received further purchase orders bringing the value of the project to approximately $3 million. It is expected that this will be delivered in the fourth quarter of the Company’s financial year ended 30 November 2023.
The surveillance system supplied by Synectics will comprise over 3,000 channels and, whilst incorporating its latest-generation recording solution and cameras, is similar to the system delivered to sister-property Solaire Resort & Casino in the ‘Entertainment City’ zone of Manila in 2015.
Paul Webb, Chief Executive of Synectics, commented: “Whilst casino operations in the region have now largely returned to normal, expected projects across the sector are still experiencing delays. It is heartening that this project is now proceeding, albeit later than previously expected.”
For further information, please contact:
Paul Webb, Chief Executive
Amanda Larnder, Finance Director
Tel: +44 (0) 114 280 2828
Tom Griffiths / David Coaten
Tel: +44 (0) 20 7408 4050