Spectra Systems Corporation (LON:SPSY) found gains on Wednesday as the developer of banknote authentication technologies repeated its forecast that profits for the year ended 31 December 2019 are expected to exceed market expectations.
In another brief trading update, the AIM-listed firm said that the increased profits are “related to a combination of central bank sensor related research funding and strong first half of the year optical materials sales.”
READ: Spectra Systems surges as 2019 profits expected to exceed market expectations
Dr. Nabil Lawandy, Spectra’s chief executive officer, stated: "We are very pleased that we are able to provide a positive trading update for 2019 which is reflective of an increasing product mix which allows for sustained strong profitability."
In afternoon trading, Spectra shares were 4.8% higher at 130.50p.
Back in a March trading update, the firm also predicted that its 2019 profits would “exceed market expectations” thanks to a G7 central bank research contract which will commence in the second quarter and which is expected to extend throughout 2020.