Spectra Systems kicks off second phase of central bank project

Banknote authentication and brand protection technology company Spectra Systems has executed an agreement with a central bank customer, it announced on Tuesday.

The AIM-traded firm said the agreement was for the second phase of the sensor development programme, which it initially announced on 21 October.

It said the second phase, with $5.6m of revenue, was a follow-on to the $1.9m first phase of development.

“We are pleased that this technologically sophisticated central bank has provided us with the opportunity to continue to phase 2 of the sensor development which will lead to the production of a yet unspecified number of sensors for their advanced cash processing operations,” said chief executive officer Dr Nabil Lawandy.

At 1543 GMT, shares in Spectra Systems Corporation were down 1.14% at 174p.