Spectra Systems Corporation (AIM:SPSY, OTC:SCTQ), the banknote authentication and security printing specialist, saw a near doubling of revenues in the first half and gave an upbeat assessment of prospects for the remainder of the year.
Turnover grew to $22.7 million in the six months ended June 30, up 96% year-over-year, with adjusted earnings (EBITDA) ahead 33% at $7.85 million. It ended the period with cash of $4.44 million.
In July, the group 'executed' a manufacturing contract with an unnamed central bank worth $39.6 million, enabling initial revenue recognition for purchases and work performed ahead of contract execution. It also completed all printing and durability tests of its polymer substrate with a Middle Eastern central bank.
Looking ahead, chief executive Nabil Lawandy said: "The combination of the sensor contract award, the continued strong covert material sales, the boost in optical materials, and the significant advancements in our polymer substrate initiative including being asked to advise on a new series of polymer notes is all pointing towards an even more sustainable and growing profitability in the future.
"While all of this business growth is underway, we continue to be the most innovative company in the authentication sector with machine-readable sustainable polymer substrate using circular certified polymer and new breakthroughs in smartphone technology which we are confident has the potential to re-energise this part of our product offering."