Allenby Capital - Spectra Systems - Interims

Interims from Spectra Systems, the leader in machine-readable high-speed bank note authentication, brand protection technologies, security printing, and gaming software saw substantial growth at the top and bottom line with revenue +54% to $35.0m and adj. EBITDA +130% to $15.8m with ongoing delivery of the Central Bank contract, covert material and optical material sales, and a strong performance from the gaming software group. H1 cash fell $10.8m to $2.6m following the final dividend and significant pre-purchasing for the manufacturing contract, but should recover in H2. There have been delays to two other potential projects, outside SPSY’s control, however, and SPSY is moving away from low margin business at Secure Printing. As a resul...