On Thursday January 21, Synectics plc (AIM: SNX), designer and management of advanced surveillance technology and networked security systems, announced a “multi-million pound” contract had been awarded to its recently incorporated subsidiary company, Synectic Systems (Macau) Limited.
According to the company’s press release, it will “provide an integrated surveillance solution for a new casino resort in Macau.” While the press release noted that the casino resort is “currently under construction by a major international gaming operator,” it did not however reveal the name of the gaming operator. News of the contract has driven shares of the company’s stock at the London Stock Exchange up by more than 10 percent.
Synectics Systems Chief Executive, Paul Webb, said “Synectics now supports over 100 gaming properties around the world. Our extensive US experience in the sector has enabled us to demonstrate two key attributes to the Asia Pacific market, which are quality and reliability.” The CEO added, “From that base we’ve built a reputation that is going from strength to strength and this major new contract confirms that our solutions are the preferred choice of some of the region’s premier gaming operators.”
According to the company, within the next few months, fulfilment of the contract is expected to begin, and by the end of the financial year be substantially complete. The company already has a solid foothold in the Asia Pacific region, and has provided services to cruise line and major resort casino clients in Saipan, Korea, Malaysia, Manila, Macau and Singapore.
After the company’s announcement and the day’s trading, shares of Synectics closed up 10.87 per cent at GBP127.5 (MOP1460.4) each. Due to increased demand for its services in the Asia Pacific market, a new office was opened by Synectics in Macau recently. CEO Webb said of the opening, “Our new Macau office will play a crucial role in our continued growth strategy by boosting our ability to offer technical support at a local level. The investment demonstrates our commitment to existing customers and to the Asia Pacific market as a whole.”