News

Spectra Systems Reports Increased Profit and Revenue in First Half of 2022

1 Mins read

Spectra Systems, a leading provider of technology for banknote and product authentication, announced a significant rise in pretax profit for the first half of the year. The company’s strong performance can be attributed to higher demand for banknotes from central-bank customers.

In the first half of 2022, Spectra Systems’ pretax profit surged to $5.5 million, compared to $3.3 million in the same period last year. Moreover, the adjusted pretax profit increased to $5.8 million, up from $3.7 million.

The company’s total revenue also witnessed a notable growth, reaching $11.6 million, compared to $9.3 million previously. This increase was primarily driven by pre-production development contracts and a rise in demand for materials to meet the growing banknote requirements of one of its existing central-bank customers.

Furthermore, Spectra Systems’ adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) experienced a substantial rise of 55%, reaching $5.9 million.

Looking ahead, Spectra Systems is confident that it will achieve record earnings for the full year and meet market expectations. According to a market consensus provided by Factset, the company is projected to achieve sales of $20.0 million and a pretax profit of $7.6 million.

As of 0741 GMT, Spectra Systems’ shares were up 2.50 pence, or 1.5%, at 168.50 pence.

Related posts
News

Alaska Air Group Inc. to Acquire Hawaiian Airlines

1 Mins read
Alaska Air Group Inc. has recently announced its plan to acquire Hawaiian Airlines in a deal worth approximately $1.9 billion. The transaction…
News

The State of the U.S. Labor Market

2 Mins read
This week, all eyes will be on the U.S. labor market as the Federal Reserve’s December meeting approaches. The release of November…
News

Ceres Power Holdings Faces Revenue Setback

1 Mins read
Ceres Power Holdings, a leading fuel-cell technology company, experienced a sharp decline in its shares on Friday. The company announced that its…

Leave a Reply

Your email address will not be published. Required fields are marked *