LONDON (Alliance News) - Spectra Systems Corp on Monday said its 2017 profit almost tripled on the year before as phosphor sales reached record levels.
Spectra's pretax profit for 2017 was USD3.1 million, almost three times higher than the USD1.1 million posted in 2016.
Adjusted profit before tax and amortisation doubled to USD4.0 million, and adjusted earnings before interest, tax, depreciation, and amortisation increased 83% to USD4.3 million.
Revenue for Spectra, which makes technology-based solutions for banknote and product authentication, rose 9% year-on-year to USD12.2 million.
The company increased its annual dividend by 20% to USD0.06 per share.
The increase in revenue and earnings, Spectra said, was due to record sales of high margin phosphors, which rose to USD4.3 million from USD3.8 million, significant royalty payments from its licensee, and a solid performance from all other business lines. Phosphors are a security feature used in banknotes.
Adjusted Ebitda in the core Authentication Systems business doubled to USD3.8 million, with revenue rising to USD10.8 million from USD9.8 million. In Secure Transactions, adjusted Ebitda rose to USD555,000 from USD505,000 on broadly flat revenue of USD1.3 million.
Chief Executive Nabil Lawandy said the board is confident the company can continue to do well going into 2018, with "excellent" prospects of ongoing earnings growth.
Shares in the company were down 3.1% on Monday morning at 111.40 pence each.
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