Spectra Systems Corporation (AIM:SPSY, OTC:SCTQ) shares moved on the front foot in Wednesday's trade, after landing a five-year maintenance contract covering a customer's existing sensor suite as well as new generation sensors.
The company, which develops banknote authentication technology, said the service revenue from 2026 to 2030 is expected to be about $6.7 million, depending on the customer's rollout schedule.
It follows the authorisation of a $5.69 million payment for the first production tranche of new sensors under a manufacturing contract announced in July 2024.
“We are delighted to be part of this important new initiative by our customer and to be trusted with the responsibility of maintaining and servicing the suite of current operating sensors as well as new ones as they are deployed," chief executive Dr Nabil Lawandy said.
Spectra told investors the contract further strengthens its relationship with the customer and supports the wider sensor replacement program underway.
In London, Spectra shares were up 3.54% changing hands at 130.46p.