StockMarketWire.com - Banknote authentication technology provider Spectra Systems booked a small fall in first-half profit, but said it expected to 'significantly' exceed market expectations for the full year.

Pre-tax profit for the six months through June amounted to $1.98m, compared to a profit of $2.0m on-year. Revenue was flat at $4.4m.

Spectra Systems did not declare an interim dividend.

Chief executive Nabil Lawandy said discussions with central banks had reinforced the company's belief that worldwide demand for banknotes would be significantly higher this year, boosting earnings in the second half.

Lawandy added that Spectra's secure transactions group continued to win renewal contracts.

Its Aeris banknote cleaning system, meanwhile, has attracted 'unprecedented attention' from potential central bank and casino customers during the first half.

'We are optimistic that the Covid 19 fueled interest in Aeris will result in a sale of a unit in 2021,' Lawandy said.

'The board therefore believes that the company is on track to achieve record earnings for the full year and expects both revenue and earnings to significantly exceed market expectation for the full year.'


At 9:26am: [LON:SPSY] Spectra Systems Corporation share price was +14p at 146p



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