Spectra Systems set to beat profit expectations after large order

Banknote authentication and security technology company Spectra Systems announced on Monday that one of its long-time central bank customers had placed a new annual order as part of another five-year renewal agreement.

The AIM-traded firm said the order was 50% higher than the client’s typical orders, with the exception of the large 2020 order during the peak of the Covid-19 pandemic.

Based on the value of the order, the board said it was confident that the company would exceed market expectations for profit before tax and amortisation in 2021.

“I am very pleased that we have executed a five year renewal with this long standing central bank customer,” said chief executive officer Nabil Lawandy.

“The size of the order, as well as the agreement, further bolster our confidence in the role of, and demand for, reserve currencies going forward.”

At 1436 BST, shares in Spectra Systems Corporation were up 0.58% at 154.9p.