Spectra Systems Corporation (LON:SPSY) shares surged in early trading on Monday after the group posted a bullish update saying 2019 profits would “exceed market expectations”.
The AIM-listed firm, which develops banknote authentication and anti-counterfeiting systems, said the increased profits were related to a research contract with a central bank from the G7 group of nations, which include Canada, France, Germany, Italy, Japan, the UK, and the US.
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The contract will begin in the second quarter of 2019 and is expected to extend through 2020.
Dr Nabil Lawandy, chief executive of Spectra, said the “positive” update was reflective of “an increasing product mix which allows for sustained strong profitability”.
Shares were up 7.3% at 125p.