Spectra Systems looking at 'significantly' improved 2015

Spectra Systems' board indicated it was looking at a much better 2015 than it expected, in a trading update on Monday ahead of its full year results due in late April.

The AIM-traded provider of machine-readable high speed banknote authentication and brand protection technologies said it anticipated profit to be "significantly" in excess of market expectations.

"The exercise of these options - which together with options already granted since the admission of the company to AIM in July 2011 will not exceed 10% - will be dependent upon the satisfaction of stringent performance conditions", the board explained.

"This is due to it becoming clear that the margin achieved on the hardware sensor contract was higher than predicted with the company's standard costings, and due to an increase in materials sales occurring in late 2015", Spectra's board said in a statement.

It also anticipated that its performance in 2016 would be in line with market expectations.

Spectra also announced that it expected to announce a grant of options in the next fortnight, exercisable at the prevailing market price, over its shares of common stock to directors and senior managers.