Spectra Systems Corporation (AIM:SPSY) announced three contracts that will generate revenue US$700,000 additional revenue this year.
The banknote authentication specialist said its largest central bank customer increased the size of an order for covert materials by 20%, while also almost doubling the value of its sensor service contract.
This service contract will continue through the deployment of new sensors currently being developed and will overlap with an anticipated service contract specific to the new generation of sensors, said Spectra.
In the US, the group’s Secure Transaction arm signed a new contract with an existing US state lottery customer worth at least US$500,000 over the ten-year contract period.
Nabil Lawandy, chief executive, said: "We are delighted to announce these new contract awards which deliver further growth in revenues from existing customers across materials, service and software business lines.
“The increase in materials orders from our largest central bank customer further bolsters the need for reserve currency banknotes."