Spectra Systems Corporation (AIM:SPSY) is confident that full-year underlying profits will be higher than current expectations after a central bank customer placed a larger than normal order.
The specialist in banknote authentication, brand protection and gaming security technologies said one of its long-time central bank customers for banknote security materials has renewed for another five years and placed a new yearly order as part of this.
Spectra said this year's order is 50% higher than typical orders, with the exception of the large 2020 order during the peak of the pandemic.
Based on the value of this order, the company said it is confident of exceeding market expectations for profits before tax and amortisation in 2021.
Chief executive Dr Nabil Lawandy said: “I am very pleased that we have executed a five year renewal with this long standing central bank customer. The size of the order, as well as the agreement, further bolster our confidence in the role of, and demand for, reserve currencies going forward.”