Spectra Systems Corporation (AIM:SPSY, OTC:SCTQ), a leader in brand-protection technologies and gaming-security software, met its upgraded market guidance in the first half of 2022, according to interim results posted on Monday September 12.
The AIM-quoted company increased its top line by 15% yearly to US$9.3mln with adjusted EBITDA up 8% to US$3.8mln.
Adjusted earnings per share (EPS) did see a slight downturn due to greater income tax expenses hitting the bottom line, though an annual dividend of US$0.11 per share was paid out in June.
The company has a debt-free balance sheet with an historic high of US$18mln on the books due to sensor development prepayments, additional sales and a partial release of restricted cash reserves.
Operational highlights in the first half included a freshly inked deal with a long-standing central bank customer and the first rollout of the world's largest capacity, shortest process time banknote disinfection machine to an Asia-based bank.
Chief executive officer Nabil Lawandy commented: “Spectra Systems, with our proven track record of developing solutions for our customers in record time, has capitalised on the environment that was created by the Covid-19 pandemic.
“While other companies complained that they could not source materials and electronics components \,we took the approach of solving the problems for our customers.
“The board therefore believes that the company is on track to achieve record earnings and meet market expectations for the full year."
New director announced
Also announced today was the appointment of Dr. Barbara Paldus as non-executive director, whose “extensive entrepreneurial experience, particularly in technology solutions, will be of immense value to us," according to Lawandy.
Paldus has over 20 years of industry expertise in developing emerging domestic and international marketplaces, including bio-processing, personalised medicine, cell therapy, biotech beauty, and analytical process equipment.
SPSY shares were up 1.9% to 162p on Monday September 12 as of 10:45 BST.