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LONDON (Alliance News) - Spectra Systems Corp Wednesday said it achieved a pretax profit in 2014, and said that whilst its 2014 revenue had been boosted by some exceptionally large orders that it does not expect to recur in 2015, it is confident new opportunities will compensate for these orders in coming years.
Spectra provides technology for banknote and product authentication.
The company posted a pretax profit of USD1.8 million, swinging from a pretax loss of USD672,000 in 2013, on revenue of USD16.9 million compared to USD11.6 million. Revenue growth was driven by exceptionally larger orders from a G8 central bank customer.
It says orders of this size are unlikely in 2015. However, the customer has entered into a ten-year contract for materials, quality-control equipment and services.
Although its banknote cleaning business produced no revenue in 2014, the company said it continues to be excited by its Aeris banknote cleaning technology. Banco de Mexico decided that the technology was not appropriate for its needs, but Spectra is still in testing with a G8 central bank with "very positive results", Spectra said, and will begin testing with an Asian central bank in the third quarter of 2015.
"We are delighted that the overall business is on an upward trajectory," Chief Executive Officer Nabil Lawandy said in a statement. "It should be noted that we benefited in 2014 from several significant contracts, the revenues from which are not expected to be replicated in 2015. The board is however confident that new opportunities for consumables will compensate for these concluded revenues within several years."
Shares in Spectra are trading flat at 22.00 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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