Spectra Systems full-year profit to top market expectations

Spectra Systems, which provides secure transactions technology, said on Monday that profits for the year to the end of December 2019 will exceed market expectations.

Support Services

10,602.77

17:14 20/12/24

0.33%

34.59

The increase in profits is related to a G7 central bank research contract which is due to begin in the second quarter of this year and extend throughout 2020.

Chief executive officer Nabil Lawandy said: "We are very pleased that we are able to provide a positive trading update for 2019 which is reflective of an increasing product mix which allows for sustained strong profitability."

In its interim results back in September, Spectra posted an 11% jump in revenue, driven by the delivery of a "large G7 customer" order and royalty and license revenue from the company's agreement with a major banknote supplier.

At 1130 GMT, the shares were up 8.2% to 126p.