(Alliance News) - Spectra Systems Corp on Monday lifted its yearly dividend as it saw an increase in both profit and revenue, and said it expects 2023 to meet market expectations.
The Rhode Island, US-based authentication technology provider said revenue was USD19.6 million in 2022, up 18% from USD16.6 million in 2021.
Spectra noted continued momentum towards customer acceptance of its latest pre-production sensor units.
Pretax profit grew 19% to USD7.0 million from USD5.9 million, as gross profit rose to USD12.3 million from USD10.5 million a year earlier.
Adjusted earnings per share rose by 21% to USD14.5 cents from USD12.0 cents in 2021.
Adjusted earnings before interest, tax, depreciation and amortisation amounted to USD8.1 million, up 17% from USD6.9 million a year earlier.
Chief Executive Officer Nabil Lawandy said: "Company's earnings and revenues are up substantially over 2021 both due to strong sales which would in themselves had enabled the company to exceed market expectations and which were further increased due to over-manufacturing of covert materials for a Central Bank. Improved financial planning has been put in place for 2023."
The company declared a total dividend of USD0.115 per share, up 4.5% from USD0.11 per share a year prior.
Looking ahead, Spectra said it is on track to achieve record earnings and meet market expectations for 2023.
Shares were up 2.7% at 174.50 pence each on Monday morning in London.
By Xindi Wei, Alliance News reporter
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Spectra (unres) (SPSY)