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LONDON (Alliance News) - Spectra Systems Corp Tuesday said it made a pretax loss in the first half of 2015 as revenue was hit by a tough comparative period the year before, but said that it still expects to meet market expectations for the full year as revenue should pick up in the second half.
The authentication technology supplier reported a USD758,000 pretax loss in the six months ended June 30, having made a USD769,000 pretax profit in the first half of 2014, as its revenue fell to USD6.7 million from USD9.8 million.
It said that revenue in the first half of the prior year was comprised of "an unusually high volume of material orders", leading to a tough comparative in the first half of 2015, but that all material orders for 2015 are anticipated to be delivered in the second half of the year.
"The company's revenues are in line with our plan. With significant revenues contracted for the second half, we expect to meet market expectations. Following the completion of our sensor deliveries to our G8 customer, we have reduced our staffing. Importantly this contract further extends the likely period of material sales to this important customer. The securing of a new nine-year agreement for our brand and tax document authentication, commencing in June of 2016, will add a new layer to existing long-lived revenues with central banks and lottery customers in other areas of our business," Chief Executive Nabil Lawandy said in a statement.
"The board therefore believes that the company will continue to perform well for the remainder of 2015 and continues to have ever strengthening prospects for the future," he added.
Shares in Spectra were trading down 3.2% at 21.55 pence Tuesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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