Shares of Synectics plc (SNX.L) were gaining more than 4 percent on the London Stock Exchange after the advanced security and surveillance systems provider announced Monday that it has been awarded a further contract worth around $3.2 million.
The contract is for the upgrade and expansion of the surveillance system at a major gaming resort in South-East Asia. It is expected to be delivered in the year ending November 30, 2025.
The latest contract is in addition to the $10 million contract award announced on June 18.
Synectics noted that the customer has been using Synergy, its proprietary software platform, since 2014 and the Contracts will expand and upgrade the Customer's existing system to the latest version of Synergy.
Amanda Larnder, Interim Chief Executive Officer and Chief Financial Officer, said, "The award of these contracts is a testament to the expertise of the Synectics team and our industry-leading software. We have been working with this customer for many years and we are delighted that they have committed to this upgrade and expansion programme with us." In London, Synectics shares were trading at 193.77 pence, up 4.18%.
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