23rd Mar 2020 15:06
(Alliance News) - Banknote security firm Spectra Systems Corp on Monday said it expects to beat 2020 market expectations after a good 2019.
Further, given a "strong" cash position and an "ultra-stable" banknote business, Spectra said it is looking at expanding the business beyond authentication into new areas.
Rhode Island-headquartered Spectra's revenue for 2019 rose by 6% to USD13.2 million, with pretax profit rising by 13% to USD4.5 million.
Profit before tax and amortisation increased by 9% to USD5.2 million, Spectra added.
Spectra has declared a special annual dividend, meaning a 29% rise on the previous year's payout to USD0.09, which reflects "freed-up" cash.
The company said the strong performance was driven by "significant" work developing future sensor technology for a G7 central bank as well as equipment sales to a major maker of banknotes.
"The board believes the company, by achieving key business milestones, will continue to perform well and will exceed market expectations for 2020," said Chief Executive Nabil Lawandy.
Shares were 12% higher on Monday afternoon in London at 111.00 pence each.
By George Collard; [email protected]
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