Spectra Systems Corporation (AIM:SPSY, OTC:SCTQ) told investors it executed an amendment to a contract with an existing central bank customer and it is expecting increased revenues of around £2mln.
The contract is for new sensors that are under development and the new contract relates to an expanded flexibility in their use, the company noted.
"We continue to provide cutting edge capabilities to our central bank customers who depend on us to respond quickly and effectively to their increasing requirements,” said chief executive Dr Nabil Lawandy.
“This additional contract will increase the development phase from US$8.8mln to US$10.8mln while maintaining the existing timeline for sensor manufacturing and further solidifies our long-standing relationship with this central bank customer."