Spectra Systems wins record order from central bank customer

(Alliance News) - Spectra Systems Corp on Thursday said "one of its long-time central bank ...

Alliance News 12 October, 2023 | 11:09AM
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(Alliance News) - Spectra Systems Corp on Thursday said "one of its long-time central bank customers for banknote security materials" has placed a new order.

Shares in the Providence, Rhode Island-based authentication technology provider were up 3.5% to 186.26 pence each in London on Thursday around midday.

It said the unnamed customer placed a new order during the financial year ending September 30, 2024, as part of its five-year contract, which was entered into in 2019.

Spectra said that consumables order is "the largest in the company's history" and is around 60% larger by value than the order for the last financial year.

Chief Executive Officer Nabil Lawandy said: "I am very pleased that we have received such a large order incorporating the 22% price increase which was agreed last year when we solved our customer's supply chain concerns. This order makes a meaningful contribution to achieving our expected profitability this and next year."

By Sophie Rose, Alliance News reporter

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Spectra Systems Corp 245.00 GBX 0.00 -

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