27th Sep 2013 12:36
LONDON (Alliance News) - Spectra Systems Corporation, a provider of technology solutions for banknote and product authentication, posted widened pretax losses Friday, as it increased research-and-development costs, and revenue growth fell below expectations.
For the half year ended June 30, the company posted revenues of USD2.8 million, up slightly from USD2.7 million in the previous year. The company posted a pretax loss of USD1.4 million, widened from USD1.3 million. The company said that widened losses were a result of increased research and development activity.
Although first-half revenue was below expectations, Spectra said that it had orders in place for a strong second-half performance and would meet market expectations despite a 33% decline in phosphour sales. It said this slowdown was due to to continued delays in the release of a new denomination banknote.
The company said it was confident it would meet market expectations for 2013 as its performance will be bolstered by a better-than-expected performance by its Secure Transactions Group.
Shares in Spectra were trading down 15% at 29.00 pence Friday afternoon.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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